Usd/jpy

121.40, cash high in USD/Yen, reached Asia Monday last week, is still in the rear view mirror, but just barely, and it won't be visible much longer.

Quote from Chood:

Through this afternoon, the trade below, entered (and posted) last Friday, is above water by 58 ticks, from an avg.-in of 8304, after riding out drawdown overnight of 37 ticks.


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Quote from Chood:

. . . I have taken multiple long positions in the YEN near month, bought between .008310 and .008300, with stops to be set at just under .008200.
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All long YEN near month closed, at avg .008504.

8504 chosen solely for two reasons: it was available within the last hour and it yielded an above normal reward to risk, based on original plot, which was subsequently adjusted to avg in entry of 8304.


Quote from Chood:

This carry preference for the dollar strikes me as extremely herdish. And I believe all the herdish factors have passed the point of being fully priced in.

So, although I normally would agree that Federal Open Market Committee news would be critical, I don't see it now -- next week in particular. I believe dollar has topped and next week's news and the price action that follows it will confound price predictions that are framed in terms of and based upon Fed action.

I am resigned to my failure to bargain hunt the top. Overnight and this morning, I have taken multiple long positions in the YEN near month, bought between .008310 and .008300, with stops to be set at just under .008200.
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