Is Uncle Buck the Johnny Yen of Last Summer?

Just asking because this chart of UUP…

uup

…looks somewhat similar to this chart of the Yen (before it formed its right shoulder)…

xjy

…which we used to gauge a bearish Yen and bullish Japanese stock market last October.

To be sure, the two charts have some differences.  But if USD makes a small bounce and forms a right shoulder and stays below or drops back below the SMA 50 a bearish setup will be in place.  In that event the target would be the SMA 200, which is currently at 97.20 on the USD index.  Here’s that chart, not including today’s action.

usd

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