Hope you had a good break.
I’ve been following the Yen since October and have been trading usd/jpy since when it was under 79. I made a post in November when it reached my first target, bounced around, and then crossed over signalling the 2nd and larger move towards my 2nd target at $86.50. We hit that at the new year market, pretty amazing. I never thought the Yen would collapse so quickly. I’m regretting not putting on a mother load position like I planned but I’m still happy with the numerous day trades I’ve had.
(remember, usd/jpy going up means the US dollar is strengthening and the Yen is weakening)
Back on Nov 15, 2012:
Today, Jan 2, 2013 we have this:
So, I am early? Could the Yen weaken further? Absolutely, it’s strong and everyone wants to short the Yen.
But I think it’s had a huge run and this isn’t a bad place to start scaling in for a minor correction to the daily 20ma (currently sitting at 84.33).
I’m doing this via FXY options, Feb 115 calls. Will scale in more if it starts to go my way. Otherwise it may turn into a Strangle position where I buy puts, but that will be determined by price action.
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