Chart of the day: Yen in pole positionby Nicole Elliott
Since the beginning of this year, all currencies have strengthened against the US dollar despite the much-heralded interest rate rise by the Federal Reserve, giving the lie to the theory that rate differentials determine foreign-exchange rates.
Leading the major currencies and outperforming most emerging-market ones is the yen, which might keep US President Donald Trump off Japanese Prime Minister Shinzo Abe’s back for a while longer.
Since December, the yen has been consolidating in a right-angled triangle under trend-line and Fibonacci retracement resistance.
On Friday, it closed fractionally under its lower edge, suggesting the long-term trend to a weaker dollar against the yen, which started in the second quarter of 2015, has resumed.
The MACD and momentum are now bearish.
Source: SCMP
http://www.scmp.com/business/markets/ar ... e-position
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