$USDJPY

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Dollar Yen is moving within its consolidating triangle. Major support & resistance trendlines are well defined, but short term will likely be hard to trade. Shorter term, support is about 107 & resistance is near 113.

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Japan – sleeping dragon disturbed

Look at the USDJPY… its RSI hasn’t been this overbought since 2006! Anyone trying to understand why EURUSD is falling, its highly due to USDJPY’s recent uptrend. As mentioned regarding Nikkei’s out-performance, Abe says you’re not the only one with QE weaponry!

Will this have a larger impact on USD denominated risk assets as well? Let the next phase of the global currency wars begin!

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