Potential Japanese Yen Move...Market Pullback?
Looking at the Japanese Yen Futures on the 4 hour chart, and we are beginning to see the ending or exhaustion of this downtrend. We are not making anymore more lower highs, and it seems we may be setting up for a first higher low...this will be shown with the head and shoulders pattern we are seeing but awaiting for the trigger.
The Yen generally has a correlation with the equity markets (although I stress this is now always the case...especially in this macro environment where we are seeing a disconnect as funds and investors need to chase yield with the stock market being the only place to do so).
Some yen pairs that I have been watching have already triggered like AUDJPY, EURJPY, and TRYJPY.
USDJPY is looking prime:
The Yen generally has a correlation with the equity markets (although I stress this is now always the case...especially in this macro environment where we are seeing a disconnect as funds and investors need to chase yield with the stock market being the only place to do so).
Some yen pairs that I have been watching have already triggered like AUDJPY, EURJPY, and TRYJPY.
USDJPY is looking prime: