The Japanese Yen has tumbled to new multi-decade lows after its recent free fall.
Currently, the Yen is trading into 40-year support. Could this be the time/price area from which we see a rally?
Let’s take a look at the chart…
“The facts, Ma’am. Just the facts.” – Joe Friday
As you can see, the 12-year decline in the Japanese Yen has it testing the bottom of a 40-year sideways channel at (1). As well, we have a bullish divergence with the Relative Strength Index (RSI).
Looks like an important support test is in play for one of the hardest-hit currencies in the world. Time for a rally? Stay tuned!
Japanese Yen “monthly” Currency Chart
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