Tuesday, August 3, 2010

Yen Overdone

Those following this blog know I have been a Yen bull for some time, certainly sub 110. Please see
Yen Look Out
However, this move up is looking very mature, has taken out serious highs, achieved at least intermediate term objectives and is NOT accelerating.

Note the negative divergence on the RSI.
So while there may be higher highs at some point, the potential for a reversal is now much higher. Taking out any of the previous lows will also indicate the trendline is violated as well.

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