"As a 20-year FM subscriber and participant in both your London and Hong Kong chart seminars (albeit a long time ago) today's FM gives me for the first time details of your spread-betting technique on FX (in this case USD/JPY on which I have previously exchanged comments with you).

"My own technique as an investor based in one of the world's strongest currencies (the Swissie) is to take out with my bank a currency loan in the investment currency (in this case the JPY) for the amount of my Japanese investments. The interest rate for 3 months is currently around 100 BP and I keep rolling this currency loan over every 3 months. I do not have access in CH to the same spread-betting facilities you have but I achieve a result similar to your strategy. What do you think?

"Best regards and I hope the JPY sandpapering ends soon as per your forecast."

David Fuller's view Thank you for your support and interest over so many years.

We work with the tools that are available to us and that also suit our temperament. Re "sandpapering", I am pleased to note that your patience with CHF/JPY has been rewarded recently, reaching the highest level since 2008.