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More Bad News for Japan Inc.

By: Rick Ackerman, Rick's Picks

 -- Published: Thursday, 20 October 2016 | Print  | Disqus 

http://www.rickackerman.com/wp-content/uploads/2016/10/More-trouble-for-Japanese.jpg

Pity the poor Japanese finance ministers. For years, they’ve put their heart and soul into trashing the yen with 12-zero monetization schemes and such, all to no avail. Far from doing a kamikaze dive, the currency merely levels off for a while before resuming its export-killing rally. Live by the carry, die by the carry trade, as the old saying goes. Much as I’d like to be able to reassure Abe that his goals and Hidden Pivots are in felicitous alignment, the opposite appears to be true.  In fact, the yen has been on a ‘mechanical’ buy signal since the currency pulled back to the green line on September 2 (see inset). Moreover, the double upside penetration of the red line, a midpoint Hidden Pivot resistance, implies odds are good for a run-up to the 1.04790 target. That would amount to a rally of a little more than 8% — more bad news, apparently, for Japan Inc. Click here for a no-risk trial subscription that will give you instant access to a 24/7 chat room that draws seasoned traders from around the world.


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 -- Published: Thursday, 20 October 2016 | E-Mail  | Print  | Source: GoldSeek.com

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