Yen safe haven under siege

Market Pulse: April 30

Last week the June 2012 yen futures opened at 1.22630 and closed the week at 1.24450. On April 2, the yen opened at 1.20570.

On the daily chart, we see technicals showing the move up building strength of trend with ADX now at 36.7. More importantly, we see the DI differential hitting zero on April 2; time to look for a possible entry. Since then +DI has been over –DI. We saw MACD was dropping divergence, but over the past few days we see MACD now adding divergence. And in Stochastics we saw a correction from overbought territory two weeks ago and now we see Stochastics going back into overbought territory.

Today’s price action shows the Yen now over 1.25000. You can see this move started mid-March as the Yen bounced off of 1.1900. The red and green lines on the chart does show Kamen technical trade signals. These are areas to really start focusing on the market and look for an entry. Also, watch for any news that could come out from Bank of Japan as they have intervened in the yen numerous times over the past year. 

Proceed to Page 2 for the latest COT Data...

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