Yearning for Yen

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Feel like a really contrarian play? How about going long the Japanese Yen? Yes, the idea of buying the rapidly-expanding currency of a country already one quadrillion yen in debt seems lunatic, but relative to the US dollar, I think the Yen might be in for a surprising rally. The FXY is one way I know of owning the currency.

Looking at the USD/JPY chart below, you can see the failed bullish breakout (blue tint) as well as the mincemeat the cross-rate has made of the supporting trendline.