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Japanese Yen Set For Major Reversal

Currencies / Japanese Yen Nov 18, 2011 - 02:01 AM GMT

By: Colin_Twiggs

Currencies

This is a 20-year (monthly) chart of the US dollar against the Japanese yen. The dollar has declined in a primary down-trend since early 2008. Long-term support at 80 failed to halt the fall and the greenback is now ranging between ¥75 and ¥80.


The down-trend is in its fourth year and large bullish divergence on 63-day Twiggs Momentum warns of a reaction. Penetration of the declining trendline would strengthen the signal and breakout above 80 would confirm, offering a long-term target of 100.

By Colin Twiggs

http://www.incrediblecharts.com

Colin Twiggs is the leading commentator at Incredible Charts where he writes the Trading Diary , with more than 70,000 subscribers. His specialty is blending fundamental analysis of the economy with technical analysis of stocks, markets, commodities and currencies. Focusing on the role of the Fed and banking credit as primary drivers of the economic cycle, Colin successfully forecast the October 2007 bear market — eight months ahead of the sub-prime crisis.

These extracts from my trading diary are for educational purposes and should not be interpreted as investment or trading advice. Full terms and conditions can be found at Terms of Use .

© 2011 Copyright Colin Twiggs - All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


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