The past couple weeks have seen the Japanese Yen currency form a bullish reversal from extreme trading lows.
The rally higher has put the currency on much firmer ground. But the sudden reversal and swing higher has also invited volatility into the financial markets.
And this needs to be watched.
Currently, the Yen has rallied well above key resistance levels… now rendering those levels as new support. See the chart below.
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$FXY Japanese Yen ETF Currency Chart
As you can see, FXY’s breakout was so sharp that it now has plenty of room for a retest of support at $61/$62. The question now is whether or not the Yen will remain strong… and if so, will this usher in even more volatility. Stay tuned.
Twitter: @andrewnyquist
The author may have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
