Wow, what a brutal day to be long EURJPY.Â I guess the Kimono Traders (they drew first blood) bought back their Yen really fast today after the USD plunged on bad economic news!Â Everyone was trying to get out the the USDJPY carry trade because the Fed is likely to cut rates on the USD again.Â The better bet remains in the EURJPY carry trade for now and my guess is that this Yen "appreciation" is overblown.Â I suspect that the Yen will weaken relative to the Euro again in a few days, at least I hope it does! :)
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