Japanese Yen Looking to Bounce Soon?

Sheldon McIntyre

price analysis, japanese yenBy Sheldon McIntyre      The Japanese Yen has fallen in a waterfall-like decline for the past 6 months, but indications are emerging that the currency may be nearing a “bounce.” Below, I have included three annotated charts looking at the Japanese Yen from a daily perspective, monthly, and in a pair, Euro:Yen.

In summary, the daily chart shows an RSI divergence, while the monthly chart highlights an extreme oversold condition. And finally, the Euro:Yen pair shows a negative divergence between the pair and the S&P 500. All in all, the theme of the charts is that a bounce for the Yen is near.  Click charts to enlarge.

 

Daily Japanese Yen Chart:
Japanese Yen 2013 chart
Monthly Japanese Yen Chart:
Japanese Yen Long Term Chart
Euro:Yen Chart:
Euro Yen Currency Pairs Chart
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