NASDAQ 100 ETF (NDQ) v Invesco FX Japanese Yen Trust (FXY)

Both of these ETFs are slowly playing out as expected by MM, hopefully, they will converge as expected but it’s rarely a perfect world and we will have to assess both independently over the coming weeks when deciding whether to switch directly or move in stages:

• NDQ – we remain long and bullish targeting a test of the 30 area, or 6-8% higher.
• FXY – our ideal entry is around the 68 area, or 3-5% lower.