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Has U.S. Dollar Started a New Upleg Versus YEN ($YCS)?


Apart from growing expectations that the Japanese GPIF (Gov't Pensions Investment Fund) is considering allocating $200 Billion away from Japan into foreign assets-- requiring liquidation of YEN for other currencies, this morning's re-issued, stronger-than-expected U.S.

ISM Manufacturing data spiked USD against the YEN from 101.75 to 103.35, which adds more technical evidence to support the emergence of a new upleg in USD/YEN off of the completion of the Jan-May 2014 correction from 105.50 to 100.80.

All roads point higher in USD/YEN, to a test of the Jan-May resistance line next, now at 103.25.

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