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Is USD/YEN Accelerating into a New Upleg?


This is what we discussed on Tuesday...

Based on my pattern analysis, USD is in the first phase of a new upleg that should propel the US Dollar to new highs in relation to the YEN (renewed, possibly acute weakness in the YEN).

At this juncture, only a decline that breaks and sustains beneath key support between 96.65 and 95.25 will compromise the developing bullish pattern. MJP 9/03/13

What now?

USD/YEN has broken out of its May-Aug sideways, bullish congestion area, and is starting to accelerate to the upside above 100 towards a full-fledged test of its July high at 101.50 next.

Today's strength comes after some better-than-expected economic data, a surge in longer-term US interest rates, and in anticipation of tomorrow's August US Jobs Report-- all of which are Dollar-friendly compared to YEN fundamentals.

The action has propelled my long ProShares UltraShort Yen ETF (YCS) position to 64.60. (I am long from 59.90 and 62.80.)

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