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Is Correction in USD/YEN Complete?


On the day when BOJ Head Kuroda announced that the Japanese Central Bank will keep rates unchanged at 0.1%, and that he does not see the need to enlarge its QE program more than the $580 to $680 Billion annual increase in the monetary base already in place, the USD/YEN tested and reversed off of its rising 200-Day EMA, now at 100.80.

From a near- and intermediate-term pattern perspective, today's action so far argues that USD/YEN has established a significant 5-1/2 month corrective low prior to a resumption of dominant uptrend strength that projects to 108.00 next.

Exactly what catalyst or news-driver will propel USD/YEN to new highs remains under the radar, but if my technical work proves accurate, something meaningful will emerge in the days and weeks ahead that weakens the YEN towards multi-year new lows.

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