JPY USD - 6J - Is the Bottom in?
CME:6J1! JAPANESE YEN FUTURES (CONTINUOUS: CURRENT CONTRACT IN FRONT)
Woke up this morning to see that the Yen had sold off to multi year lows. While the I've read there is a 'risk off' mentality - then that should make the Yen a safe haven.
So what else? Well the US Dollar is strong - right now its very divergent. We may have seen the high of the week for the DXY .
This has had an impact on the Yen vs the US Dollar .
This is the greatest number of Naked Points Control I've seen the Yen with - you can count them.
These are the upside targets. Speaking of Point of Control - todays point of control looks to be left behind as a marker for the future return. As they closed above it - and done after hours of the NY Session.
This is a 'tell' that they plan to move up from here - this should not be lost on anyone, its important.
Frankly I wasn't expecting this move down - but not entirely surprised.
Right now I can't think of a better trade in the market.
Target for me - not being greedy .0089755 - target number 2. From there I'll look at it and decide the momentum will carry us higher. We were there October 6th.
Caveat here is if they take out todays Point of Control - the move down may continue or least least spend another couple of days down here accumulating.
Comment: VPOC violated - invalidated