The Japanese Yen has taken a break from weakening against the US Dollar and the Euro after historical peaks in USD/JPY and EUR/JPY. Will the bullish trends resume? Get your market update from DanMcCarthyFX here:
Due to the speed of the bullish move, the current sell-off has not yet been able to cross below most SMAs.
A bullish triple moving average formation requires the price to be above the short term SMA, the latter to be above the medium term SMA and the medium term SMA to be above the long term SMA. All SMAs also need to have a positive gradient. Looking at any combination of the 10-, 21-, 34-, 55-, 100- and 200-day SMAs, the criteria for a bullish TMA have been met. The 34-day SMA has just crossed above the 55-day SMA.
So, while the Bollinger Bands might be suggesting that there could be further downside, the SMAs have potential underlying bullish momentum intact. The tussle between bullish and bearish signals may continue until either the price breaks below several SMAs, or the new high is taken out.In the bigger picture, a move below 130.39 would take out several support levels and might herald the end of significant Yen weakness. For now though, the ascending trend channel and underlying bullish momentum appear to be unimpaired.
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