Feb 4, 2005

Back to Plan A

The Yen move lower now appears to be a headfake as it moved comfortably back into the pennant. Other currencies are still heading lower against the dollar and that has brought my attention back to those cross rates. I am going to be patient on my entries and look to short GBP / Yen again above 196. I am also looking at Euro / Yen for a short above 135.5. That will probably be it until late next week.

Here is summary of the overnight chatter causing the move. The GBP strength is being attibuted to a particular difference between British and U.S. opinions over debt forgiveness.

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