Will Japanese Yen Currency Rally From 40-Year Support?
(Click on image to enlarge)
The Japanese Yen has tumbled to new multi-decade lows after its recent free fall.
Currently, the Yen is trading into 40-year support. Could this be the time/price area from which we see a rally?
Let’s take a look at the chart…
“The facts, Ma’am. Just the facts.” – Joe Friday
As you can see, the 12-year decline in the Japanese Yen has it testing the bottom of a 40-year sideways channel at (1). As well, we have a bullish divergence with the Relative Strength Index (RSI).
Looks like an important support test is in play for one of the hardest-hit currencies in the world. Time for a rally?
Should the Yen not hold support at (1), it is a very negative message for several assets!!!
More By This Author:
Is German 10-Year Bond Yield Nearing Historic Breakout?Silver Rally Testing Major Breakout Resistance
Cocoa Prices Surge Higher Into Important Resistance
Disclosure: Sign up for Chris's Kimble Charting Solutions' email alerts--click here.
Comments
