Konichiwa, the Yen May Be Waking Up

Remember one number, 126. The Currency Shares Japanese Yen Trust, $FXY, has a lot of history at 126. And it is back there again. Support throughout the period from November to February it now comes back as resistance and a double top. It if gets through then there is a gap up to 126.77 and resistance higher at 127.45 and 128.50 above that before the recent top at 129.36. A failure here brings 122 back into view. But the momentum oscillators and indicators are pointing higher and the 3-box reversal Point and Figure chart has a price objective at 140 higher. So 目の回るようなアップ (giddy up!).

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