new trade

Short 150,000 usd/jpy from 116.15 , stop 116.32 * this trade is comprised of two positions- one for 100,000 and a second for 50,000 . The usd/jpy trade is in response to a fall below 116.20 towards 116. We'll have to see what happens at 116 , but I'm assuming it will penetrate towards 115.7 again. eur/usd is up to 1.0080 again. There's a good chance it will hit 1.01 tonight , but to this point hasn't displayed sufficient momentum to break significantly higher. I'm frankly not sure which way it will move in the near term , so I'm sitting still. If there's a retracement to .99 or .98 , these levels might provide good buying opportunities. I have a suspicion that we'll be looking at 1.025 within the next month. This may not last long , but until dollar pressure has abated somewhat the dollar down draft will pull the euro higher.