As you may recall, I initiated my Yen short a few weeks back with a few longer-dated FXY put options. I was careful to mention that I was only dipping a toe, rather than going full throttle, because I had a sense that the near term would be uncertain. Well, at least I got that part right. Since putting on that position, the price action has only gone in one direction: against me. Nevertheless, the chart is currently at a point where you might expect price action to reverse, and hopefully start going my way. For the time being, I don't plan to follow that strategy by adding to the position. Nevertheless, I still offer a chart for your consideration (USD/JPY captured).
