I cannot sanction the yen weakening to anything above 112 against the USD: not in this environment. therefore I am buying yen / selling USD at 112 and above. the market wants a war, baby, I'll give 'em one: just move that rate over 112. skz current 111.90
skalpz...you are going to get rocked in this trade...i wish I had been to this site earlier I could have given you a dozen reasons not to take it. But hindsight is a bliss we dont enjoy so as you must be feeling the pain right now, I suggest at the next dip get out and wait and see. Even though China revalued the basket trading band from 1.5 to 3% it was mostly against the eur and the gbp - which are usd positive indicators. If anything you might want to go short at the 113 / 113.50 levels as that was the year high and stiff resistance there. You should get a yen or two on that one. But as of now...since rita didnt do the damage we all feared I think the USD is gonna rally like hell on Monday . especially against USD CAD cheers
thanks, Azmi, for the counsel. the yen going to 113.50 or ever 114 is nothing for me. I've been to Hell and back already with the yen, brother. shorted at 105 (long time ago) - the puppy climbed to just under 114 if memory serves me right. I shorted and shorted all the way up.. USD/JPY later dropped to under 102. so, the only thing that'll bug me is paying out the interest daily.. if it doesn't fall in a certain amount of time I may burn off some positions to reduce the interest sting. best, sKaLpZ