29 February 2008 - 15:37Trading Advice 2/29/08

A little late in the day for me to recommend anything but hopefully you took my advice last night and bought the yen. I am tempted to say stay in over the weekend or sell USD/JPY now but we don’t want the market to open on Sunday and see the USD/JPY rally but not be able to do anything about it until 5 pm. That would make us look foolish and add insult to injury. The more prudent approach would be to wait until 5 pm Sunday (or 6 depending on your dealer) and then reenter your positions. If you only pay a 1 pip spread like me it’s not a big deal and you will at least be able to get out of the market it when you want too. Like I said yesterday, I see the USD/JPY headed to 101.50 and probably beyond and I see GBP/JPY headed to 200.