Well, two blogs ago, I had a post on going LONG on USD/JPY pair. BOJ has been trying to stem the Yen appreciation for a while now. It seems like it is finally able to move the YEN lower. Those who went LONG at 76.60 have seen an 80pip move since yesterday.
In the current market, correlations between asset classes, currency & economic outlook and many other variables, are breaking down quite frequently. JPY is usually a safe haven play and today depite all the rumors (10AM)about German debt downgrade, JPY is weakening. Gold is weak too; of course, gold is getting hammered because the 27% margin raise by CME.
Once again, this is a market for those who have nimble moves...moves that are in-tune with the headlines of the moment.
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