Japanese Yen Update
A few weeks ago I was bearish on the Japanese Yen looking for this currency to continue moving lower but as you can see that view was clearly wrong. Today the Japanese Yen made a 2 month high posting its highest close since mid December 2009.
As of now I have no clear opinion on the Japanese Yen as this currency has been in a trading range for the past few months. I will say however that there is no reason to still be short this currency given today's close.
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3 comments:
now that FXY is back under 112 would you reshort with a stop above Wednesday's highs? Some of the best plays are often false breakouts where everyone has the right position but gets stopped out just before the big move.
thanks!
I agree with you that sometimes the best plays are when we get a false breakout but in the case of the Yen, I will just leave it alone for now. I'll wait for a better setup to come along.
The run is not over. Friday's hit, scaped some profit for connected money on the short side. It was well choreographed moved from a predictable playbook. It's only a matter of time before the long side is setup again.
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