USD Climbing Against YEN

The ProShares UltraShort Yen (YCS) has hurdled its nearest-term resistance line around 42.00/05, and has continued higher towards a confrontation with its declining 200-Day Expo MA, now at 42.77.

However, beyond its short-term challenges, let's notice that the YCS has carved out a massive potential base formation during the past 18 months that represents an intermediate-term bottom for the USD, and a top for the YEN.

The huge base has taken the form of a BIG "W" formation, with the YCS just starting to climb the "right side" of the W.