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Yen's Wilding Spree May Be Over

By: Rick Ackerman, Rick's Picks

 -- Published: Monday, 16 May 2016 | Print  | Disqus

A strong yen has put great strain on Japan’s export-driven economy this year. It has also made it even harder for the central bank to attempt to extricate the nation from the grip of a deflation that has persisted for more than two decades. Trying to stimulate exports all along, the banksters at times have seemed quite serious about pushing the yen lower, which lately has meant into negative territory. Now it appears they are going to give it another try. If so, they may finally have the wind at their backs technically speaking, since there’s evidence on the daily chart that the currency recently made a top of at least intermediate-term importance. Notice that the high of the move failed not only to reach a clear Hidden Pivot target at 0.95175, it also died a hair short of a key peak at 0.95100 recorded back in October 2014. This is the sort of timid price action from which we might infer that buyers are in need of rest. The picture would turn very bullish once again, however, if the 2014 peak were to be exceeded even by a tick. But until such time as that happens, we should simply sit back, observe and trade the minor moves, albeit with a bearish bias. . Visit our 24/7 chat room and share timely ideas and real-time results with great traders from around the world. Click on the link for a free trial subscription.

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 -- Published: Monday, 16 May 2016 | E-Mail  | Print  | Source:

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