The big up-move in the ProShares UltraShort Yen (YCS) -- meaning a decline in the Yen -- no doubt coincided with, and likely was the direct result of, ECB "tinkering" on Thursday. It was also a reaction to Friday morning's U.S. jobs data, which points to a strengthening U.S. economy -- and thus a stronger U.S. dollar versus the Yen.
All of the action in the YCS off of the April 11 high at 66.16 has the right look of a high-level bullish consolidation period, which when complete should resolve itself to the upside in a thrust to new highs that project into the 68.00-70.00 target zone.
This move implies further possible acute weakness in the USD/Yen into the 102.80-105.30 target zone (from 99.00/20).
Only a sustained break of 62.00 in the YCS will neutralize my current constructive outlook.