Wednesday, October 01, 2008

Forex: Has The Japanese Yen Bottomed?



About 7 weeks ago the Japanese Yen made a new swing low while the MACD didn't. As most of you know this is a bullish divergence and usually means some kind of rally is about to take place. You'll notice in the above chart of the Yen that the down trendline has been broken which indicates to me that the trend may be in the process of turning higher. I think a move above last month's high in the Japanese Yen will be quite bullish for this currency.

2 comments:

Anonymous said...

Thanks for the useful info and good analysis.

דולר

market folly said...

agree with your thoughts and have been waiting patiently on this one. the whole deleveraging aspect plays directly into this as well

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