USD/YEN Continues to Carve Out a Top Formation Revealed as Bottom Formation in the FXY ETF

Increasingly, all of the action in CurrencyShares Japanese Yen ETF (FXY) since early June is taking the form of a significant (Double) Bottom carved out between 77.50/20 and 80.30/60.

All of the action since the Aug 24 breakout high at 82.79 represents the digest of the Aug vertical upmove.

The digestion of that upmove appears complete, which if accurate, means that a new upleg has started that should propel FXY to 83.90-84.10, and thereafter towards 86.00-87.00.

At this juncture, only a sharp decline that breaks beneath the rising 50-Day EMA at 79.80 will compromise the developing constructive set-up.