Mike's Mid Day Minute is available to members on Monday, Wednesday & Friday evenings, with one article per week available to non-members. Members please login and see "Mike's Mid Day Minute" in the navigation menu towards the top of the page.
Dollar Finishing Bullish Coil vs. YEN
All of the action in USD/YEN since its May 22 high at 103.70 represents a high-level digestion period in the aftermath of the powerful Sept-May advance from 77.13 to 103.70 (+35%) ahead of upside continuation that projects to new highs above 105.00.
This week, the USD has climbed 2% versus the YEN, as the price structure pushes up against a key 3-month resistance line, now at 99.50.
If hurdled and sustained, it should trigger upside follow-through towards a test of the July high at 101.50.
Only a decline that breaks the Aug low at 95.80 will delay the initiation of the anticipated next upleg in the USD vs. YEN (downleg in the YEN).