The chart was extracted from a note dubbed "Sticking With Our Yen Short" issued to Risk Manager Subscribers on September 15, 2010 at 3:35pm ET.
We aren’t short the yen purely based upon the catalyst provided by the current batch of Fiat Fools leading Japan. We think the top in the yen is around yesterday’s pre-intervention level of 82-83 per dollar and we see downside on a 3-6 month go-forward basis around 6-9%.
The reasons for our bearish stance are: the potential for both waning upward Chinese pressure on the yen and U.S. dollar stability.
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