Yen index: The yen could see prolonged weakness
We are right at a longterm downtrend mode resistance from the historical high back in 2007*, and the last test of it resulted in the start of a very volatile monthly downtrend.
We have this mode resistance as the first obstacle for new highs, as well as the low resistance up ahead, in the 135+ region.
The profile balance point for this uptrend sits higher up, at 148.774, so I wouldn't discount the possibility of further Yen weakness in the coming months, backed by a still running monthly uptrend signal with time to spare (price target already exceeded before starting this very volatile and sideways corrective phase) and a very clear and steep weekly uptrend that has time left as well, but with price targets already met ahead of time.
Just keep watch of this chart as you navigate the Yen pair waters .
See comments for the bigger picture view of the whole move from the 2007 high.
My current Yen vehicle is a potentially very large weekly uptrend in the Euro-yen cross. See related ideas for my forecast and trade setup.
Watch this closely.
(USDJPY+GBPJPY+NZDJPY+AUDJPY+CHFJPY+EURJPY+CADJPY)/7 - Yen index
((GBPJPY/100)+GBPNZD+GBPAUD+GBPCAD+GBPUSD+GBPEUR+GBPCHF)/7 - Pound Index
((EURJPY/100)+EURAUD+EURNZD+EURUSD+EURCAD+EURCHF+EURGBP)/7 - Euro Index