Hey Dennis, How About Some Gold in Yen Terms!

• Posted by Greg Harmon
• on October 31st, 2013

Gold ($GC_F, $GLD) has been perking up lately but has been kind of volatile. But if you were to sell Japanese Yen ($FXY, $USDJPY) against it, it may just be getting started.

The ratio chart above of the Gold ETF to the Japanese Yen ETF has a lot going for it. There is the bearish Bat Harmonic with a Potential Reversal Zone (PRZ) at 1.5054, 15% higher, to start with. Next the Relative Strength Index (RSI) and MACD are both moving higher supporting more upward price action. The higher low calls for a Measured Move higher to 1.4463, very close to a return to the longer term resistance. A mean reversion?

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