Now the Yen is Really Looking Ready

About a month ago on July 26, 2012 the Yen ($FXY) looked ready to break out higher and it inspired Konichiwa, the Yen May Be Waking Up. It did not. But after a short pullback to the 100 day Simple Moving Average (SMA) it is looking good again. This time it has support from a rising Relative Strength Index (RSI) that held in bullish territory and a Moving Average Convergence Divergence indicator (MACD) that is about to cross to positive. It also had some sharp buying to fill the gap on Wednesday and is now working off of a higher low. 126 is still the level, now with a target on a Measured Move over it to 130.

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