Category Archives: FOREX

Banging the Yen

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The USD/JPY has been an important source of strength of US equities lately. The green tint I’ve placed below is pretty much where things should exhaust themselves vis a vis the Fibonacci retracement levels. If we just slip past this level with strength, we could simply be in a new, higher range for the yen, making it all the easier for stocks to keep making daily lifetime highs (I stand in awe that the Dow 30 appears to be poised to make its ninth daily gain in a row).

 

0720-yen

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Ten Trillion Yen

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I happened to notice lots of poking fun at poor old Fibonacci studies this weekend, but I’ll say this: for months now, I’ve had a target of approximately 100 for the USD/JPY based on nothing more than a simple retracement study. It nailed that target (almost to the pip) last week, and it’s roaring 1.75% higher this morning, thanks to chatter about yet more stimulus from Japan (ten trillion yen this time……….like, umm, that’s going to help.)

0710-yen

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