Tuesday, September 14, 2010

Further Currency Chaos Expected: Yen Rises to Fresh 15-Year High Overnight

In spite of all the rethoric coming out of the Bank of Japan, the inevitable happened: The Yen rose overnight to a fresh new 15-year high, hitting 83.10 around 4AM. Expect further currency moves.

Why is this so important? Currency moves reflect on stock prices. There is a very strong cdirect correlation.

24-hour chart on the Yen in US Dollars:

(please click to enlarge, chart is live from INO's tools)

If you wish to see the revert chart and the "high", just look at the Yen ETF (FXY, click to receive technical analysis and buy/sell alerts):

Note that there was a long term buy signal on May 6th.

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