USD/JPY (US Dollar/Japanese Yen) is in a rising wedge on the 15-minute chart and it's getting tighter. It's above the 50 day moving average and brushing up against downtrend resistance from the peak in May. Dollar/Yen is up big since the Yen intervention spike. I bet there's a retracement at some point. You are fighting "strong monetary easing". Quote from Bloomberg today:
“The BOJ pretty much left the full amount of intervention in markets, a sort of effective unsterilization,” Nishioka said. “The chance for additional policy easing is increasing after the government finally intervened in the currency market.”Keep an eye on the Yen and JGBs (Japanese Government Bonds). Keynesian end point?
USD/JPY 15 Minute (immediate term chart)
|Chart courtesy of FreeStockCharts.com|
|Courtesy of FreeStockCharts.com|