Short-term trend Shift on Daily USDJPY Chart
Today we saw a short-term trend shift for USDJPY with this influential pair recording a third day in a row of lower highs and lower lows.
Should we see Yen strength (USDJPY weakness) going forward it will be interesting to see if the other major currencies, as well as stock indices, really are on more sound ground than during past bouts of USDJPY weakness.
It was the bottoming of USDJPY in late ‘08 early ‘09 and subsequent rally of the other former carry pairs throughout the late winter and early spring of this year which calmed global markets.
For now the short-term trend on the Weekly USDJPY chart is sideways with the intermediate-term trend still higher; the long-term trend is lower with a breach of approx 102.50 needed to shift the direction higher.
Jay Norris
www.trading-u.com
