After plummeting to its current position, the pair is starting to firm up. We have to ask ourselves though, is this due to dollar strength or yen weakness? I would point to yen weakness. After a strong run, the yen is showing signs of weakness. For this pair to turn around it has some resistance levels to break through first. Keep this on the watch list.
Developing the first higher close in a long while would make me think things are changing.
Developing the first higher close in a long while would make me think things are changing.