We are moving our two SL on EUR/JPY @ 154.01 and GBP/JPY 191.00

At last we made a month under 1500 pips, we only made 920 pips. Market was very volatile, and we have to be vigilent such as Jean Claude in monitoring closely the Paulson plan. Our view is plan is going to brings USD under pressure, while twin deficit is growing and growing.

Most important to know is at what price Treasury or the Fed is going to buy the stinking assets.

The main problem is also to find how to attract investors, they will have to give interesting rates to fund it. Problem is the USA are in recession, so it s going to be a nightmare for them to act in increasing rates have they need it.

I am also scare for one thing, we are in money market crisis, and these crisis as the major crisis are a debt crisis, and the solution to solve the problem is to clean the US banks balance sheet to allow them to give new loan, but in my opinion banks are not going to give new loans. Banks are going to improve their liquidity ratio and looking to improve their owners equity.

We are still bearish USD on medium long term