TheRealPeaches

USDJPY Update: failed breakout

FX:USDJPY   U.S. Dollar / Japanese Yen
I was initially hoping for the Yen to fall, sparking a breakout of a multi-month consolidation. However, the Yen was one of the few currencies that as actually appreciated versus the dollar, in the face of a technical bullish progression in the USD.

Unlike the Euro , the AUD and others, the Yen is trading more like a save haven. Consequently, the breakout was contained beautifully by the Weekly 200MA, with mild bear div to boot.

I was stopped out of my long trade, I tried to take shots on Friday with little success. The USDJPY is possibly a better short, yet I remain neutral at this moment.

But make no mistake, the Yen will have its day before the Dollar.
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