Forex blog: Weekly Review AUD/JPYOANDA:AUDJPYjohnelfedforexblogI found it difficult to form an overall conviction in the direction of the currencies during the week starting Monday 23 February. For the past couple of weeks it has felt like the market was waiting to see if there would be military confrontation between the US and IRAN. This weekend we have the answer. In fairness, the week began in good fashion with Japan's prime minister suggesting a delayed wait for further rate hikes and the JPY weakened accordingly. But as the week progressed, the inevitable contrairan comments from the BOJ arrived and the 'will they, won't they, how far will they go?' merry- go-round looks like it will continue for a while yet. Ordinarily I would maintain the JPY continues to be a very good short opportunity, it's just picking the right moment. But given the market is bracing itself for a 'risk off' start to next week, it's likely the JPY will be on the 'to long list', along with the CHF and maybe the USD. Throughout the week, 'hot US PPI data' keeps the FED'S 'no rush to cut rates' narrative in place. Pressure remains on the UK prime minister, this time thanks to lost seats in local elections. The GBP could very well be the short end of a 'risk off trade' if we are to get a sustained period of negativity. NVIDIA reported extremely good earnings but couldn't rally, Likewise, 'hot' AUD CPI data didn't help the Aussie aside from an initial burst. Ultimately, ongoing AI concerns and a lack of clarity regarding Iran kept a lid on any positivity. We now have that clarity and I'll beging the new week with a 'risk off' bias. But ultimately letting the market tell me just how bad it thinks the situation is. On a personal note it was a slightly frustrating week. Just one trade, AUD JPY long on Tuesday. Which I closed for break even ahead of AUD CPI data. The chart inevitably hit the profit target post CPI. But as discussed during the week, 'leaving money on the table' is the price of prudence ahead of a risk event. If AUD CPI had been reported below expectations, the trade would have likely stopped out. Wednesday was the market's most positive sentiment day of the week, I unfortunately missed it due to a prior commitment. I then spent Thursday and Friday waiting for concrete information regarding the Iran negotiations. We now know why it never came. Let's see what the new week brings. Results: Trade 1: AUD JPY 0 Total = 0% Total since start of blog = +55.6% (risking 1% per trade)