Loading ...$YEN – further studues
The YEN has broken out from a rising flag, and by the look the back test has been text book perfect – so far anyway. If you are a PM bull you want to see follow through to a higher high. A rising flag (as opposed to a falling flag) indicates the stock, currency, commodity – is in a hurry (Rambus quote).
On the 3 year chart we see that the inverse SHS base is more than a year long – 14 months actually. A big base equals a big move (Rambus again). The impulse to impulse PO method gives us a target of 96 ish. Notice the S/R line in the 95 -96 area, where we might expect a pull back, is a good spot to build out the right shoulder on a larger inverse SHS base.
Of course no one knows what is going to happen, but to my way of thinking the charts are suggesting further upside move for the YEN.
Your “yen study” coupled with Gary’s fork work compliment each other…great work.
This is exactly why I remain a PM bull. Also, the Euro looks bullish to me and I dont see why we cant challenge the 1.17 to 120 area over the next 6 months to a year. Then the dollar rally could resume to new highs.
Good charts