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.

Eye on the Yen


Indeed, as we told subscribers to expect, the G-7 (US, Japan, Germany, France, the UK, Italy and Canada) decided to intervene with the Bank of Japan on Thursday to "stabilize" the Yen.

Now the real battle begins, but as I have mentioned lately, the plight of the Yen since 2008 (its relentless climb, that is) in defiance of otherwise dismal Japan fundamentals, which were negatively exacerbated by the recent earthquake and tsunami damage, desperately calls for a lower currency to enable the Japanese economy, the Japanese Government, and its dynamic people to recover.

Have a look at the daily USD/Yen chart from January 2010 to the present, which shows a consolidation wedge pattern interrupted by the March 16 plunge to a new historic low at 76.42, before yesterday's intervention returned prices back within that wedge at near 81 1/2.

ETF traders may want to watch the ProShares UltraShort Yen (YCS).

  • Action-Oriented Trade Set-Ups in Stocks & ETFs
  • Macro Analysis of the Broader Markets
  • Detailed Technical Guidance for each Trading Idea
  • Live Interaction w/ Mike & Our Member Community
  • And Much, Much More!
Join Now! - Special Offer!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!