USDJPY a good play!

On February 25th, we established a LONG USDJPY spot position at 96.80 and a 3 month USDJPY Call option at 97.10 with a view that the yen will continue weakening because of the worsening economic situation in Japan.

We entered the spot position because of the technical analysis; we entered the call option because of the fundamental analysis.

We have decided to take profit on the spot trade at 98.50, locking in a profit of 1.72% and we will hold on to the call option as the weekly chart still suggests more upside.





USDJPY hit a high of 99.68 on Marcy 5th and on a technical basis, look like it is beginning to wane on the daily chart, though; the weekly chart still supports a little more upside.