I agree that the main down trend might have finished. Japan needs badly to depreciate the yen, but the easing will start in 2014, or July this year, still some months till then. If we look at the technical view, we can see that a new HH it was made, the 28 RSI might enter in the mega overbought zone this time, but we still need a HL to confirm the reversal. The price is closing in to a good resistance zone formed by the 50% retrace and the price target for the Falling Wedge pattern. It is about time we should pay more attention to the bearish signals.
Adding the Wave Theory, we will see that a new wave 1 it is born.
Comments
Razvan
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If this is the new uptrend, then we must wait for wave 2 to finish...
Yoda3
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I agree that the weakening of the yen may continue until end of the year