The yen, here represented by FXY, is under pressure.
Pretty obvious just looking at it that my FXY October fly trade is under pressure. (The underlying looks worse!) The context is ominous, with the market once again pricing in a rate hike from the Fed and of course the yen is super sensitive to this. I took it for granted that the “pricing in” thing was done for September and that I had some time to let this trade work. Let’s see what happens.
So, I’m a glutton for punishment because I put on another one for November that doesn’t make the overall position look all that much better — it’s not supposed to work that way. But hey.
This is November –>
And this is the two positions together –>