Short EURISK vs. Short USDJPY Revisited...

This trade is up well over 4% in just over a day (short EURISK from 81.73 [trading at 79.30 today] and short $/yen from 118.60 [trading at 117 today]). This is huge in FX land. I repeat -- one of two things will happen this year: EITHER 2006 will see the end of ALL carry trades OR 2006 will see the end of the YEN carry trade. Hence, this trade makes sense, especially from an ISK oversold level (as indicated in my posting yesterday).