USD JPY Turns Main Trend to Up

Less than positive comments from the Japanese Finance Minister are helping to rally the USD JPY.

Less than positive comments from the Japanese Finance Minister are helping to rally the USD JPY. Finance Minister Fujii restated his position about the Yen early in the trading session. A couple of weeks ago Fujii said a higher Yen would be good for the economy. Last night he retracted the comment and said he was against volatility in the currency markets and that currencies should be allowed to find value based on economic conditions.

The strong move through 90.44 has turned the main trend up on the daily chart.

James A. Hyerczyk has been actively involved in the futures markets since 1982. He has worked in various capacities within the futures industry from technical analyst to commodity trading advisor. Using W. D. Gann Theory as his core methodology, Mr. Hyerczyk incorporates combinations of pattern, price and time to develop his daily, weekly and monthly analysis. His firm, J.A.H. Research and Trading publishes The Forex Pattern Price Time Report... More

Disclainer: