Happy New Year and Going Long the YEN


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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