Good gains today for the Japanese Yen, which of course means losses for the others. Top performing pairs are USD/JPY -1.46%, EUR/JPY -1.34%, AUD/JPY -1.31% and GBP/JPY -1.20%. Look for continued strength in the Yen in the upcoming days/weeks.
Take a look a USD/JPY (click chart to enlarge)
And also the double top that has formed on GBP/JPY. (click to enlarge)
Both of these charts show that the trend is positive for the Yen, so I would be long the Yen here. Until any significant news or price pattern tells me otherwise, I want to be a buyer of Yen.
Remember, when looking at charts of the Yen, down means up in relation to other currencies!
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