Monday, August 17, 2009

USDJPY short working beautifully

So far USDJPY behaving as anticipated. High was 95.01. Currently position is 28 points in the money. Conservative short term traders may wish to place a stop at break even and/or take profit on half the position and trail the rest.
Tomorrow might be "turn around Tuesday" but in light of 2%+ losses in US equities and increasing risk aversion I doubt that we will see any improvements. I do not anticipate any positive surprises from tomorrows GBP CPI and EUR ZEW

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