Short the Japanese Yen has been by far 'The trade' of 2013. Now entering its 22nd week of a downward correction CRI's weekly commodity trend survey ( suggests the short came in at 123.99. Initial targets were hit and far exceeded and any remaining shorts from this trade (if you were able to trade multiple lots) ought to be considered 'free rides' at this point. Indeed, we are fast approaching two significant technical targets and what I would personally consider a very important level going forward. The psychologically important 100 level ought to act as a pivot for the next while and as the market consolidates we should see spikes higher and lower defining its trading range/boundaries. I fully expect one of those spikes to hit the OTE Long SS (70.5% retrace) and at the same time fill the long outstanding gap at 95.63. Should we go through a period of bottoming and come out the other side bullishly, I would expect a test of the OTE Short SS (70.5% retrace) as outlined on the chart above - but that is a big 'IF' and quite a ways down the road at this point.


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