6J1! - Could Be About To Knock Your Socks Off Long
Japanese Yen FuturesCME GLOBEX
Description
⋅ YEN Futures recently a 20 year low.
It has just below also hit a long term 1:0.618 taking the 3 waves from the top.
Considering the significance of the low it should at least have a strong automatic rally and as shorts cover their positions.
But it may also go on a real rally, perhaps even an enormous rally.
Fibs on the chart - a 0.5 retracement from the top could see it getting back to the area of previous tops and strong resistance at $0.0099.
Monthly RSI is down at 18. I would think it will get back at least to 60 - 70 area before a potential downside reversal.
Am bullish JPY against any pair currently and am short CADJPY.
Not advice.