Dollar Climbing vs. YEN
Weaker than expected, Japanese growth and new Mr. Abe’s comments that he is thinking about reducing the corporate tax rate to help offset the sales tax hike apparently has convinced all the naysayers that a weaker YEN still is very much part of the Abe "construction" plan.
Indeed, since yesterday, USD/YEN has climbed from 95.90 to 98.30, or +2.5%, which my pattern and momentum work argue is the blast-off phase of a new upleg that should propel USD/YEN above resistance at 100, and above the July-rally peak at 101.50, towards 105-107 thereafter.
Only a sudden reversal and plunge beneath the Aug low will invalidate my current bullish outlook for USD/YEN bearish outlook for the YEN.