Tuesday, June 29, 2010

Asia etc.

Shanghai slammed,  -4.27%
Maybe had something to do with this, China Leading Index Gain Cut to Smallest in Five Months, Hammering Stocks  or this 

But readers here will know that I have been pretty focused on the Yen strength, it's imminent long term break out, and the implications for the risk trade. See June 15 Yen Look Out 
That break out is in process;
click to sharpen 

Sept. 30 min
click to enlarge

The weekly and daily charts have not been updated, but it is clear from the Sept. futures chart that the 113.28 level is being challenged and that the declining resistance line on the weekly chart has been taken out. 

A pullback to 112.50 /112.39 , the resist break out point, as well as fib. retrace, could be expected and would be very normal. Needless to say a close over 112.50 would look pretty strong tonight.


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