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$YEN action today is not bullish. Needs to turn around for a GOLD rally.
$XJY – Daily
The daily line chart of the YEN is pure chartology. Just amazing. Notice the year long inverse SHS pattern in 2015, the break out in early 2016 (birth of the PM baby bull) and successful BT. Then there is the 3 year long support trend line that is being challenged today. What’s next?
A much longer term view. This may or may not be a SHS pattern reaching back to 2002.
Weekly line chart
I’m long Yen in anticipation of a dollar decline, but imagine the Japanese have enormous firepower financially and culturally when it comes to managing the exchange rate and preventing the Yen from rising too much. I probably should watch it for signs of lagging but I still expect it to turn up.
Today’s action could be just a temporary set back, a false move to throw the hounds off the scent. Hope your long the YEN trade works out.
Weekly may give different clue??
https://goldtadise.com/?p=431048
Agree, Bikoo. Your candlestick chart is often better for clues to short term moves than a line chart.
Haven’t given up on the gold rally, but do want to be cautious. Norvast expects the miners turn up from DCL on or about 18th July. We wait.