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Betting on the Dollar Versus Yen

Currencies / US Dollar Oct 12, 2011 - 12:34 PM GMT

By: Mike_Paulenoff

Currencies

Rumors are circulating that in an effort to enable its exporters to compete effectively with China, Japanese authorities are considering some sort of currency "peg," perhaps to a basket of currencies, or vis-a-vis the Yuan, or maybe even in part to gold.

In addition, there are currently heated discussions in Congress about declaring China a "currency manipulator," or otherwise coercing China to allow its Yuan to appreciate faster to enable American business to compete more effectively on a global basis.


Given that, my sense is that there is just too much smoke out there for me not to believe that a major "fire" is about to flash in the foreign exchange markets.

Moreover, it just so happens that my intermediate- and longer-term technical work in USD/Yen is screaming for a powerful upmove in the USD versus a powerful downmove in Yen, which argues strongly that the time has come to add to my long term position in the ProShares UltraShort Yen ETF (YCS).

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By Mike Paulenoff

Mike Paulenoff is author of MPTrader.com (www.mptrader.com), a real-time diary of his technical analysis and trading alerts on ETFs covering metals, energy, equity indices, currencies, Treasuries, and specific industries and international regions.

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