Wednesday, September 15, 2010

Currency Chaos II: Bank Of Japan Intervenes to Drop Yen

They did it. Time to cash in today.

Yesterday the Yen was at 82.90, today 85.26, 2.8%. FXY is trading at 115.18 in pre-market, down 2.81%. Only 1% was needed.

(please click to enlarge)

Chart of the last 24 hours (overnight). ye currently at 85.51:

Enjoy the day and those straddles.

"Japan intervened in the foreign-exchange market for the first time since 2004 after a surge in the yen to the strongest against the dollar in 15 years threatened to stunt the nation’s economic recovery.Finance Minister Yoshihiko Noda confirmed the intervention, speaking to reporters today in Tokyo. He said Japan contacted other nations about the step, without specifying that today’s measure was taken unilaterally. Chief Cabinet Secretary Yoshito Sengoku said the ministry considers 82 per dollar to be the line of defense, after it reached a high of 82.88 earlier today."

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