We all basically know that the Dow priced in QE3 when it hit 11,326 yesterday, a rally of 550-600points in 2days.., and so tomorrow afternoon when Bernanke says ''We are going to monitor inflation, keep all options open and keep very close eye on the economy (but not announce that they are starting QE3 later that evening)'' we should get a huge glorious crash in the Dow on Friday and into Monday/Tuesday... However im in quite a difficult position as im trying to workout how to play this move in terms of buying Usd/Jpy... As when this happens dollar will be dragged into strengthening, however as markets collapse the Yen will also be dragged into strengthening as money pours into it as the safe-haven. I originally went long from 76.65, with target of 80.19, have since then taken profits by scaling-down the position size as the market has risen upto 77.45 today. And my current stratergy is to leave 1 buy contract open into Bernake's speech from this level, but hope and pray that his speech caused the dollar to crash vs Yen making the market fall back to the low 76s/75 level, so i can then add 2-3 more buy contracts at that price, with overall price target of 80.19 for when the BoJ then intervenes. However im trying to workout how likely it is that his speech will simply cause dollar to rocket in strength vs the Yen, meaning i only get my 300pips profit x 1contract, not x 3-4contracts like i ideally want. So what impact do you think him failing to announce instant QE3 will have on Usd/Jpy??