![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhoIpQkBs63XykZ0arrxRnaCyzUGEARYSkgckE21Xd2za6VLlhbkUQ0_bCxGUKpNuGJQ6XGpZxfHF2cs8_fJehfrGUh7suocVvW6R6hSxgUp1hQzQ55NEYntzIgH6EiuvbOdz9fbkkIfRgV/s400/image003.gif)
The price-action of the last couple of week, could be consistent with a large long term bottom being in place. After the intervention of BOJ, which took USD/JPY from 75.55 to 79.51 we have seen a drift lower, but not in any convincing way. That could be a warning of a major bottom being in place at 75.55. If I was BOJ, I would get out the dry gunpowder and start shooting, because a rally above 79.51 could give the USD a massive lift against the JPY and ease the pressure on the Japanese exporters.
If we get a break above 79.51 and more importantly 80.24 the way higher has been paved for a rally towards 115 area over the coming months.
However the battle is not won yet, only a confirmed break above 79.51 will do the trick.
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