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U.S. Dollar Bottoming Against Yen

Currencies / US Dollar Jan 20, 2010 - 01:59 PM GMT

By: Mike_Paulenoff

Currencies

Let's have a look at the BIG picture chart structure of Dollar vs. Yen, which argues for an approaching upmove in the USD (Yen weakness). Purely from an intermediate-term technical perspective, the pattern carved out by the USD/Yen since early 2007 into late 2009 has the right look of a completed downmove in the USD versus the Yen.


In fact, twice during 2009, in January and again in November, the USD/Yen found key support and reversed from 87.14 and 84.82, respectively, which has left behind a potentially major double bottom. That said, to trigger initial confirmation of the establishment of a weekly double bottom, the USD/Yen must climb and sustain above 93.80. My near and medium-term work argue strongly that the Dollar is bottoming against the Yen – in other words, the Yen is about to begin a downside acceleration phase. If my work is accurate, then I want to be short the Yen against the Dollar – via the UltraShort Yen ProShares ETF (NYSE: YCS).

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By Mike Paulenoff

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