The has been weak versus the US Dollar over much of the past 2 years.However, that trend could coming to an end if today’s chart pattern continues to play out.Today we look at a “daily” chart of the Japanese YEN / US Dollar currency Pair.As you can see, the YEN broke out of its declining channel in August and rallied sharply before pulling back to test dual support. Thus far that support has held and the YEN is once again attempting to rally. Note that RSI oversold as well.If the YEN can get back above its 200-day moving average it could be rally time.And should the YEN rally, some assets such as bonds would like it (read yesterday’s article on bonds ).(Click on image to enlarge)
More By This Author:U.S. Dollar Set For Further Weakness Post-Election?Is The Nasdaq 100 Repeating Bearish Topping Pattern?Are High Yield Spreads Forecasting Another Stock Market Decline?
Is The Japanese Yen Oversold And Ready To Rally?
