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The US dollar continued to hit new decade lows against the Japanese Yen and is inching closer to my 85 target. As you can see in the chart below, there is no support from here to 85. With US interest rates below Japanese rates, more adjustment is happening in USD/JPY.
I do not think we will see much yen strength past 85. Although the Bank of Japan will not physically interven in the currency market anytime soon, verbal intervention may be on its way.
Also, Fed fund futures suggest that we may have seen the last interest rate cut from the Federal Reserve:
Here are updates on my recent trade calls, hope you banked some of this
12.16.08 USD/JPY to 85 (bottom of article) > FLOATING PROFITS
12.16.08 EUR/USD Headed to 1.43 (bottom of article) > HIT!
12.15.08 AUD/USD Headed to 0.70 > HIT!
12.11.08 EUR/USD Headed to 1.35 >> HIT!
12.08.08 EUR/GBP Headed to 0.90 >> HIT!