Looking at the current throwback within the larger uptrend, Yen may strengthen further against the US Dollar before Yen shorts start to take profits and another wave of Dollar bulls steps in. This scenario remains valid until either mid-March or a clean break of 103.50, whichever comes first.
UPDATE: We do not agree with many other analysts who suggest that the recent price action has formed a reverse H&S pattern. The existing downtrend would have to be proportionally larger in size to validate such a pattern.
UPDATE: We do not agree with many other analysts who suggest that the recent price action has formed a reverse H&S pattern. The existing downtrend would have to be proportionally larger in size to validate such a pattern.