David Fuller's view It would have been prudent to close this long as the March high was being tested, especially as the position looked temporarily overstretched, but I raised my trailing stop instead. Consequently, I was stopped out today at ¥87.100, versus my purchase at ¥86.785 on 12th December. These prices include all spread-bet dealing costs.

I am very likely to reopen this position, or short the yen against another currency, in the event of a further pullback. Given Shinzo Abe's stated intention to weaken the Japanese currency, I regard yen shorts, subject to timing, as a potentially lengthy medium-term trade.