The Yen has been grinding lower, I was and still am not entirely sure if we bottom here or if we get one final major downward flush out move. But the signs are pointing to a bottom, and it would be hard to see a major flush out when we are this oversold on all 3 timeframes.
Falling Wedge Pattern.
Triple Oversold (Got it from “OA” Ask Option Addict if you want the indicator).
At Support of Wedge Pattern.
Near Support of Volume Profile (market of plenty of buyers and sellers below can act as a range of prices to hold it from further declines.)
Volume is Thinner above (A bounce can really move higher quickly).
There are a lot of things going for it. Great spot to manage your risk as well as tremendous upside.
For now I am long FXY calls with my capital from my reduced stake in the dollar.If you enjoy the content at iBankCoin, please follow us on Twitter