Usd/jpy

I see (at least I think I see) a fairly major down move coming in the USDJPY. Anybody else see this?

I am short (long JY Futures) from the previous high(low) around 118.98 (Long JY @ .8429).

DRT

 

why do you see down move on this cross?

 

All day, from the moment I get up until my head hits the pillow at night, I wonder at the minute-by-minute, day-by-day dilution of value of the dollars in my wallet. I look at them at sunrise and just know, according to immutable laws, that they're worth less by bedtime -- the result of our (USA's) massive public and private deficits.

The USD, if there are such things as fundamentals, is worth less today than it was yesterday and will be worth less tomorrow than today. Accordingly, I am amazed that the dollar even holds its own against other major currencies, much less gains on them. The problem is that I am in the minority, and others -- people obviously smarter and more resourceful than I am -- have found ways to leverage and combine yielding money (long dollar carry) and anti-money (gold) to not only protect against dilution of value, but actually to increase value. While they are in the majority, it's hard to favor the YEN over the USD.

 

he he. Didn't mean to get you riled up. You must write that Daily Reckoning thing I get in my email box everyday.

I just bought my son a $3000 Sony Camcorder so he can film his skateboarding tricks. Maybe this is the justice somehow.

 

I am going to cover this. Too unsure, but sure looks like a move down.

 

Between trips to Sam's Club to lay in canned soup and other provisions for my bunker, I also ponder that this semi hocus pocus that preserves strength in a fundamentally weakening dollar furthers and preserves Wall Street's cozy opportunities overseas. What's good for Geely (or Toyota) is good for America, in other words, or at least good for that slice of America that's at the teat.

Too bad for American products and workers. Yen-penny parity would do a helluva lot more for GM than UAW concessions.

 

Glad I decided to go flat. USDJPY is only down 145 points.

 

Bernanke speaks, carry trades revive, dollar resumes strength vs yen. And this from Reuters overnight:

“Toyota Motor Corp. gains 3.2 percent to 6,520 yen, hitting life-time highs for the fourth time in five sessions. . . As of Thursday, Toyota's market capitalisation stood at $193.5 billion, about the same as the value of Wal-Mart Stores Inc. , the world's biggest retailer, whose market cap is about $193.4 billion.”

 

Have entered following position.

Usd/jpy Long 118.11
S/L 116.75