Yen Breakdown?

The Yen index has dropped below the 50 day averages for the first time since January, but has not made a lower low.  So it remains in an uptrend, but it needs watching.

xjy

Lots of global situations have been tied to the Yen and USD fates.  Here’s the big weekly chart showing a cavalcade of currencies, with USD in the top panel at a potential limit (or breakout) point and Yen (bottom panel) at a point where it should bounce if it is going to remain in an intermediate uptrend.  Note how it has already touched the projected resistance area.

currencies

For more perspective, here is USD-JPY, long-since having broken down but bouncing.

usdjpy

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