I was initially hoping for the Yen to fall, sparking a breakout of a multi-month consolidation. However, the Yen was one of the few currencies that as actually appreciated versus the dollar, in the face of a technical bullish progression in the USD.
Unlike the Euro, the AUD and others, the Yen is trading more like a save haven. Consequently, the breakout was contained beautifully by the Weekly 200MA, with mild bear div to boot.
I was stopped out of my long trade, I tried to take shots on Friday with little success. The USDJPY is possibly a better short, yet I remain neutral at this moment.
But make no mistake, the Yen will have its day before the Dollar.
Unlike the Euro, the AUD and others, the Yen is trading more like a save haven. Consequently, the breakout was contained beautifully by the Weekly 200MA, with mild bear div to boot.
I was stopped out of my long trade, I tried to take shots on Friday with little success. The USDJPY is possibly a better short, yet I remain neutral at this moment.
But make no mistake, the Yen will have its day before the Dollar.