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The YEN (FXY) Has Broken Out to the Upside


Patience certainly has been a virtue in CurrencyShares Japanese Yen ETF (FXY), but alas, the last few sessions of straight-up price action appears to be the upside breakout from an 18-month bottom formation that has unleashed significant upside potential for the YEN, that projects to 85 and then possibly to 88.

Let's notice that the 50-Day EMA has crossed above the 200-Day EMA-- for the first time since Oct 2012!

If FXY (YEN vs. USD) climbs to its potential, then it will represent investor repudiation of BOJ stimulus policy in particular, and perhaps Central Bank QE efforts in general as a remedial mechanism to foster growth and inflation.

At this juncture, only a sustained press below 81.60 will begin to weaken the current bullish set-up.

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