Covering my USD/JPY short

On Jan 4th, I sold USD/JPY Jun '07 at 116.51 in £4/cent (spot was trading at 119.00). Covering this now after last week's meltdown, buying Jun '07 at 115.24, with spot trading at 116.70.

 

You can clearly see how much negative carry I had to overcome on this trade. In 2 months, the carry on the forward was worth about 75 cents.

 

Will probably be taking off some other of my trades this week, almost everything has worked out during this sell-off. P+L updates will follow this week. First glance looks like I made about £15,000 last week.