Friday, October 2, 2015

Japanese Yen Breaks Out to the Upside

As I mentioned earlier this week, the Japanese Yen has been consolidating, and looked poised for a breakout. I was expecting a breakout to the upside but cautioned that you should wait until the breakout actually happened before buying. Let's look at today's chart action ...

(Updated chart)

Look for confirmation of the breakout on Monday. If we get it, then the yen (as tracked by the FXY) could rally to overhead resistance at 89. That's a huge move in a currency.

We'd have to see what happens then.

Have a great weekend. I hope you were on the right side of gold this week.

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