I went along with this guys analysis on his blog and shorted Cable/Yen. He calls himself the Detached Trader. You have to go to his website for his full analysis. Here is what he says: Short Cable/Yen@206.16 Stop placed firstname.lastname@example.org giving the trade a little room and placed above hourly resistance. Look for Yen to run over the majors again tonight in Asia as carry trades unwind and Yen shorts are further gunned down by aggressive players. As we have seen today, Cable/Yen is where the action is in terms of playing a stronger Yen. Wider spread but potential for 100-300 pip runs intraday which is always tempting. Looking at the charts, last time there was some carry trade unwinding and Yen strength seen in the market, cable fell from 213 to 201 (1200 pips), from 12/13 to 12/23. posted by The Detached Trader at 3:23 PM Gold Correction may lead to further Yen Gains (Click chart to enlarge) The above chart shows gold crashing and the yen jumping up through the week of 12/16. Last time we saw a mild correction in gold, we saw some carry trade unwinding favoring Yen. We could see some further strength in Yen tonight in Asia. Looking for an entry into a short Euro/Yen short. Also supporting Yen is the recent CFTC data last week showing IMM Yen shorts doubled from the previous week setting the market up for a major squeeze.