Selling YEN, buying USD.
However, YEN is very strong due to the squaring of carry-trade. So once it reaches 10X, then I need to square and close the position. It may reach 95, depends on how many more carry-trade needs to be squared.
I hear that Korea gov't and banks have been doing a lot of carry-trade (selling YEN, borrow USD or other currencies). Since the market down turn and investors (including gov't, banks etc) need to sell their assets and buying bank YEN, so YEN now is very strong becoz of the huge demand. Korea may borrow YEN at a cheaper price, but now needs to buy back at a high price. The outcome is Korea may go bankruptcy.
YEN is a difficult currency.
引用:
原帖由 mrdailau 於 2008-10-22 21:41 發表
Do you mean buying usd/yen or selling usd/yen?
I already sold usd/yen from 10160, targeting 9800.