YEN Trade

If you were playing the currencies that were moving this market, the short term trade would be the yen short, the USD/JPY (long) should bounce in to short term strength as the Yen that has been on fire with carry trade closing/covers is now short term "overbought" in technical lingo, but there's no such thing in reality.

If you aren't set up for trading Currency, there's the FXY Yen ETF, there are leveraged versions of this too, but be careful, yesterday I think one of them had 12k shares traded for the day! The trade for the short term would be short FXY

The Yen via FXY

 I have written two posts that look at the big picture for the market, ironically when I wrote these back in April I believe, IT WAS MY STRONG OPINION THAT A RISING YEN WOULD BE ONE OF THE MAJOR SIGNS IF NOT REASONS THE MARKET CAME DOWN/CRASHED.

You can read both of these on the member's site on the right side bar linked under, "Currency Crisis".

The above 15 min FXY (Yen) chart is clearly positive after having done some longer term work, but very close I think the Yen pulls back (this is the market bounce trade I'm talking about, so that kind of short term).

If I'm shorting FXY, keep that in mind, a short term position.

The FXY 3 min negative on a gap that will likely be filled at minimum.

And the 1 day chart showing the Yen was accumulated recently short term for what does look like what I described last night as a "Blow off " move for the currency and more like short term capitulation for the market.