Scalping The Yen - Round Two

Discussion in 'Forex' started by gamalruach, Mar 18, 2004.

  1. OK, guys, it's been a month since the USD/JPY started its spike.

    As you know the bull price went to 112.34 before it capped and headed into a bear market down to 106.41.

    Much of that reversal happened this week.

    There is indication that Japan and China not only reversed their yen intervention policy but actually have done something else.

    What that is may be a mystery to some. I may have figured it out.

    If you think you know what they did go ahead and post it here.

    The last of my positions got cleared out last night - I became flat.

    I had some time to think over the recent moves and giving up the hundreds of points this week was so out of step with the EUR/USD and other majors to warrant that.

    Therefore it indicates something else.

    Nevertheless, Pakistan has something cornered. This may not be just a red alert - it may be the real deal.

    Either they got Bin Laden himself cornered or Zawahiri according to Pakistan.

    They may dig whoever it is out next week.

    If it IS one of them I expect a 10 cent rally in USD. Of course it would be a pure market mania buy.

    Nonetheless, what has been seen lately is for the yen to go to 100.00 maybe by the end of March.

    Anyway, this thread is for yen scalpers so I will not get too far into the future.

    I suggest staying with short scalps.

    Should one of the big two be uncovered and the 10 cent USD rally occur, USD/JPY may have 8 to 9 cents added to it taking it to 114 to 115 before the spike begins to melt.

    This move may cause the BOJ and its China girl twin some difficulty, backfiring on their "little surprise" they got for us scalpers/speculators.

    Why? The key is in the mystery I mentioned earlier.

    Frankly, they don't seem to be very bright traders there and they make a lot of mistakes.

    We can presume that will not change - It is good for traders who know what they are doing.

    Once I had time to reconsider events I opened another short scalp/spike-build-up position.

    I'm in full expection of it going to 115 and some change - this time I am pacing myself and placing much more effectively.

    Therefore, with the first shot being fired over their bow I declare Scalping The Yen - Round Two. Time duration: Another month.

    Good trade,

  2. Hi Sam?

    Still trading the yen?
  3. You wrote that Japan and China changed their yen intervention policy.


    Since when did China intervene in Japanese yen?