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It appears that the tide has turned in USD/JPY. While the pair is likely to fall further over the longer-term, shorter-term path of least resistance is to the upside. However, there are several themes going on (trade wars, Syria, increased stock market volatility), that have potential to escalate quickly, and lead to a substantial leg to the downside.
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Battle of the Biggest Losers to End in a Tie
The Euro and the Japanese Yen have been locked in a battle for the biggest loser among the majors this year. The central banks behind both currencies have engaged in a massive campaign of Quantitative Easing. This is turn had the side-effect of turning the Euro and the Yen into risk-off currencies. In other words, during times of high uncertainty and stock market losses, these two get bought up as the previous risk-on moves get reversed.
But enough of the fundamentals. In the technical space, we…
But enough of the fundamentals. In the technical space, we…