Correct. A GBP/JPY long is an implicit GPB/USD long and therefore a USD short (along with a JPY short of course). That's partially why USD/JPY wasn't as affected yesterday as the rest of the carry pairs were. As all those other pairs were unwound ...

Is This The End of the Yen Carry Trade?

Exactly. It's hard to say whether any of the other JPY crosses are anywhere near bottom. G/J could easily drop another 1000 pips and still be well above the Feb/March lows. Attached is a chart of U/J after 4pm on Friday. Who was waiting for the ...

USD/JPY Discussion

Well there was plenty of movement between 3:30-5pm, G/J dropped a full yard (>100 pips). That's not just some guys on an interbank desk closing their books, calling it a day & hitting the bars. Many billions changed hands in that last 90 minutes. ...

USD/JPY Discussion

GT, did you close or holding short over the weekend? Today's last minute dumping was very interesting.. someone prepping for Black Monday? Have a good weekend!

USD/JPY Discussion

Nice to see U/J holding its own today despite continued losses in all of the other carry pairs, USDX at 80.90 most likely to thank. Ominous triangle formation on the M30, will be interesting to see which way it breaks.. though with the late Friday ...

USD/JPY Discussion

More good news: BOJ Less Likely to Raise Key Rate After Stocks, Prices Decline url

USD/JPY Discussion

Speaking of retraces, 118.84 happens to be the high U/J retraced to on 2/28 (after a 275 pip drumming the day before). This one day retrace preceded 3 subsequent days of sell-offs of over 350 pips down to a low of 115.16. Not saying history may ...

USD/JPY Discussion

GT. TP?

USD/JPY Discussion

My sarcastic plea wasn't to buy the USD specifically, but simply for them to stop buying the yen against all currencies. I was actually short equity futures going into Feb 28th. I can't I believe I chose the day before the next cataclysmic global ...

USD/JPY Discussion

To be on the safe side, don't bottom feed here, it's disastrous. Wait for a strong uptrend first. If you absolutely must bottom feed, wait for 117 even, as per the weekly trend below.

USD/JPY Discussion

Wow, the Great Unwind does not cease! Spare the longs some mercy Asia! Hard to imagine how much worse this could get if US GDP bombs tomorrow...

USD/JPY Discussion

dove - how tight is your stop on the entry? I'm long from similar levels, but I imagine there's a reasonable chance I'll get stopped out in the overnight.

USD/JPY Discussion

Well crude, gold, silver & copper are all off 1-2%, and U/CAD, AUD/U & NZD/U are all shining. With all this dollar buying, U/J should be a big beneficiary if/when yen weakens. Have we finally found a bottom at 118.50?

USD/JPY Discussion

I'm worried the "big guys" are in too heavy, and the banks are having a field day intensifying their pain. Wow we were briefly 20 pips off the low!

USD/JPY Discussion

So were you stopped out at 119.05 then? I agree on crosses, the Japanese housewives might have a buying spree tonight.

USD/JPY Discussion

GL my friend. This market has no mercy today. I'm targeting potential entry at the 61.8% fib of the rise from 115.15 - 124.14 @ 118.59. edit- also the trendline at 118.50. Why I refuse to short this thing all day is beyond me..

USD/JPY Discussion

Can't believe this can't find a floor, I think the biggest "relief" rally was 10pips from 119.00 to 119.10 about 45 mins ago. My congrats to whomever is short this thing. I wonder if it'll close down -200. Now eur/usd is up 36pips and gbp/usd is ...

USD/JPY Discussion

The only issue with that scenario are the parallels (or lack thereof) that today draws with the last major yen unwinding (Feb 28th). The last unwinding was primarily the result of turbulence in the Chinese stock market, a tidal wave of selling ...

USD/JPY Discussion

Funny how 12 hours ago we were both talking about 123-124, now we're talking 800 pips in the opposite direction. What a difference a day makes.

USD/JPY Discussion

Yes I was tempted to place a buy limit at 118.99, it seemed rather predictable that the market was headed there to take the stops, but a quick scalp is not worth the risk today. What's your target timeframe on 116?

USD/JPY Discussion