The Japanese Yen is in uncharted territory with the Dollar absolutely POUNDING the Yen into submission. Today was the first time since June 1998 that the Bank of Japan announced it would purchase Yen in an attempt to slow down the depreciation of the Yen.
Nobody gives a damn about Forex, so why is this important? Well 1) Yen makes up the second largest weighting in DXY 2) June 1998 marked a temporary top in DXY . Will history repeat itself? I'm not convinced. Yet.
1) Yen is going to have to confirm its monthly hammer
2) Yen is going to need to see some bullish continuation back above the .618 fib and hold it as support. There's a high volume node right at the .618 fib, so it'll be tough resistance to overcome.
If these conditions are met, that should send the Yen spiraling upwards like it did in 1998, and mark a temporary top in the DXY allowing some breathing room for stocks, cryptos, and metals. Will the Yen save millions of portfolios? Hmm...
Nobody gives a damn about Forex, so why is this important? Well 1) Yen makes up the second largest weighting in DXY 2) June 1998 marked a temporary top in DXY . Will history repeat itself? I'm not convinced. Yet.
1) Yen is going to have to confirm its monthly hammer
2) Yen is going to need to see some bullish continuation back above the .618 fib and hold it as support. There's a high volume node right at the .618 fib, so it'll be tough resistance to overcome.
If these conditions are met, that should send the Yen spiraling upwards like it did in 1998, and mark a temporary top in the DXY allowing some breathing room for stocks, cryptos, and metals. Will the Yen save millions of portfolios? Hmm...
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I've been playing around with overlaying STOCH K with Regular RSI on lower time frames. The explosive move usually occurs when STOCH K crosses above the RSI when both are in oversold territory for a long and vice versa for a short. This is the monthly timeframe, so... it might take awhile to play out.
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Wow so last yen purchase by BOJ rallied the Yen hard against the dollar for the better part of a decade.
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Trying to find a temporary top on DXY is like finding a needle in the haystack. Pound about to break parity. Holy Jesus.