Japanese Yen Tests Support

On December 16th which was one day before the Yen put in its top, I posted an article as to why I was cautious on the Yen based on a long-term view of the market as well as the Island top formation that developed several days later which confirmed my cautious outlook.

Right now the Japanese Yen is testing support. Whether or not this support level hold remains to be seen. If the Yen does continue to move lower, that could be bullish for stocks which might increase the odds of the inverse head and shoulders pattern in the NASDAQ being successful.