We are reversing our bias on the yen pairs, and will start buying into yen weakness as of today. Technical reasons are outlined on the attached charts.
The Fund will be buying Aussieyen on an intraday basis starting 58.10 levels accumlating with inital stop at 56.60. Buying is done on an intraday basis with 65% of lots liquidated intraweek, and remainder held to mid term target levels.
Preliminary target will be 65.00 were we will be reaccumlating for 70.00.
Our final target for this current wave (I believe it to be a 4 as shown on charts) is 80.00.
Fundamentally with Obama moving into the Whitehouse he is bound to make a relentless effort at improving economic conditions together with equity markets. Regardless of sucess or failure the market will begin to discount this in the form of a sharp wave 4 rally in equities. Because of carry trade direct corelation with the yen, all yen pairs will be directly affected with this rally.
