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Is Yen Ready For Another Big Move Down?

By CurrenciesMar 27, 2014 11:59AM ET
www.investing.com/analysis/is-yen-ready-for-another-big-move-down-207654
Is Yen Ready For Another Big Move Down?
By   |  Mar 27, 2014 11:59AM ET
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Is the Yen Getting Ready for Another Big Move Down?


Fundamentally, short JPY is, in my opinion, one of the best long-term trades out there. The case for shorting JPY is explored in greater detail in the InformedTrades Guide to the Japanese Debt Crisis.

Technically, I've recently put on two trades to short the JPY, based on the price action that is forming. One is GBP/JPY. If it closes above the dashed orange line on the daily chart today, I'll move my stop to break even.

GBP/JPY
GBP/JPY

I am also long CAD/JPY; below is a chart of that pair.

CAD/JPY
CAD/JPY

I entered too early, but we see a triple doji off a support level -- a very powerful sign. If we can close above the resistance level the market is nearing (where I entered) the market may be set for a move higher.

That's my take -- what do you think?

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Is Yen Ready For Another Big Move Down?
 

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Is Yen Ready For Another Big Move Down?

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