Tuesday, September 11, 2012

Yen Update - Part 162

The price action has not been my friend.  Currencies are tricky, especially when there is a race to the bottom going on.  The Yen is testing a support line at 78 which, if broken, would mean my FXY put trade is probably a loser.  Could just be about the news flow this week -- maybe everyone is anticipating QE3 and a ruling in Germany that clears the way for Draghi to act.  In any event, we will watch and see what happens.  A chart below tells the story.

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Broken Money

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