Sakakibara Says Yen Could Rise to About 80 to Dollar Next Year

0 comments Thursday, December 24, 2009
Dec. 22 (Bloomberg) -- Eisuke Sakakibara, formerly Japan’s top currency official, said the yen may climb to 80 to the dollar early next year.

Japan’s governent would find it difficult to intervene effectively to weaken the yen, Sakakibara said at an event today in Tokyo hosted by Citigroup Global Markets Japan Inc.

A stronger yen, weaker stocks and deflation could cause Japan’s economy to face a double-dip recession, he said.

Sakakibara became known as “Mr. Yen” during his 1997-1999 tenure at the Ministry of Finance for his efforts to influence the yen rate through verbal and actual intervention in the currency markets.

To contact the reporter on this story: Rocky Swift in Tokyo at

Source: Bloomberg

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year end is approaching...

0 comments Sunday, December 20, 2009
Christmas will come another 5 days and soon we will be in year 2010. It's time for us to take a break as the spreads will be widen,the liquidity will get thin and price action will get erratic.

I will be watching from the sideline for the a couple of weeks and will only start trading on January 12th. Meanwhile it is interesting to see which trendline that will be broken by the beast.

Until then, HAPPY NEW YEAR and may the profit be with all of us the whole year....

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fib 50% rejection???

0 comments Friday, December 18, 2009
The broken lower trendline on the H1 chart indicates that the beast is now in southward move again.

I reentered sell position at the close of H1 candle as the price is rejected by the fib retracement 50% level. Possible target taking is at 143.50 which is at the proximity of 161.8% fib level.

In case I am wrong, my stop loss at 145.96 (33 pips risk only) should save me out of trouble.

Below is the H1 chart as of 2 am Malaysia.

  • 3.35 am - +35 pips now. SL moved to BE +1
  • 10.00 am -stopped out in green; price went down to 143.73 before retracing upwards)

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trendline rejection???

0 comments Thursday, December 17, 2009
Looks like the price is rejected by the daily major trendline. Decided to take a calculated risk by going short again at the close of H4 candle.

Stop loss is placed 10 pips above the swing high - a risk of 66 pips. 1st target is at the immediate bottom trendline; approximately at 144.00.

Below is the H4 chart as of 10 am Malaysia.

UPDATE: After moving like a drunken sailor for a few hours, the beast dropped to 145.00. Now my post is on free ride as the stop loss is already moved to BE +30.

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evening star??

0 comments Wednesday, December 16, 2009
An evening star pattern appears on the H4 chart. Could the bears start coming in now?

Stop loss ia placed 20 pips above previous swing high (146.08) with a risk of 70 pips. Profit taking target is 150 pips.

Below is the H4 chart as of 10 am Malaysia.

UPDATE : 5.31 pm - stopped out with -70 pips loss
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