Portfolio Composition:
Short USD/MXN 14 Percent
Cash 86 Percent
Booked profits this morning on my short JPY positions, taking a modest profit after going long USD/JPY and TRY/JPY a few days ago. The techs seem to think that JPY is oversold short-term, though even they acknowledge that the fundamentals point to a continued downward trend. Accordingly, I plan to buy both these pairs on dips. I also closed part of my USD/MXN position this morning to lock in some profits. The continued bull market for the Peso makes trading around my longterm short position a low risk proposition. Currently I am looking to sell more USD/MXN at 12.7 and take profits at 12.6. My target for my longterm trade remains 12. In the one to two year term, I see scope for USD/MXN to go below 10.
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