Japanese Yen futures give a buy signal (1/12)
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Japanese yen futures rallied today (1/12) as the U.S. dollar index declined.
This move higher for March yen futures gives me a fresh buy signal on the daily chart. This is the first buy signal since the trend changed to the upside and comes after a week or so of apparent consolidation. The 50-day simple moving average is now pointing up on the daily chart. Although the trend is down on the weekly chart I did see a King’s Cross counter-trend buy signal two weeks ago on the weekly chart and the 50-period is pointing up on the weekly chart as well. There was a buy signal in January on the monthly chart for the yen and the trend remains up.
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Futures, options and forex trading is speculative in nature and involves substantial risk of loss. All known news and events have already been factored into the price of the underlying commodities discussed.
