After the well expected rejection as posted, see attachment, from roughly 152 to 127 during late '22 early '23, dollar yen gave another entry during 3rd quarter of last year by retesting the morning star pattern, around 137.50. Already up by another 17% in another, beautiful, long trade.
Looks like "princes of the yen" (excellent book and doc by prof Werner, highly recommended), are losing control of their currency and as always happens, to their economy towards the second half of this decade.
Apart from IH&S completion around 175, remaining targets are marked as supply zones (red boxes).
"Air pocket" to the left (yellow eclipse), from yen's appreciation late 80's, when their real estate bubble burst, will allow price to get momentum towards the high of 1985 at 263.
Momentum divergence already negated and printed a clear bull flag.
Short term weakness should be expected to clear longs again, while volatility will be increased in the short to medium horizon.
Cheers,
P.
Looks like "princes of the yen" (excellent book and doc by prof Werner, highly recommended), are losing control of their currency and as always happens, to their economy towards the second half of this decade.
Apart from IH&S completion around 175, remaining targets are marked as supply zones (red boxes).
"Air pocket" to the left (yellow eclipse), from yen's appreciation late 80's, when their real estate bubble burst, will allow price to get momentum towards the high of 1985 at 263.
Momentum divergence already negated and printed a clear bull flag.
Short term weakness should be expected to clear longs again, while volatility will be increased in the short to medium horizon.
Cheers,
P.
