Richard Perry
Independent Analyst
During the course of this bull run, Dollar/Yen has rallied now for 11 of the past 12 sessions. The bulls clearly do not want to give up these gains without a fight. That is continuing to suggest the pair will move towards the breakout implied target of 125.70. However, I have been talking about the bearish divergences on the hourly momentum indicators in recent days. Although the upside breakout from yesterday have muddied the waters slightly, however I still believe that there is a hint of a bearish divergence. The issue is that now, in order to get the trigger move (a breach of a key reaction low within the bull phase), there needs to be a move below support at 123.85 which was yesterday’s reaction low. Initial support of yesterday’s breakout between 124.35/124.46 is under pressure, but it is risky to sell into an uptrend and until there is a confirmation signal for a reversal then the trend is your friend.
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