Carry Trade Unwinding - Watch for a Dollar Bounce

In the overnight markets, our dollar-yen trade above 99.25 was never triggered. The dollar sold off against the yen amidst the Bear Stearn crisis but found support at 95.70. I will continue to look for a bounce at around this level, amidst severe speculation that the central banks might intervene to remove forex volatility. The trend is still down but there are opportunities for 20 to 40 pip trades at extreme oversold levels.