Say one thing for the central banks: Even if they’ve managed to set financial Armageddon in motion, they’ve done a darned good job holding the yen steady as Japan deals with concerns bearing on its very survival. Arguably, the stakes were too high to fail, since an unwind of the yen carry-trade would, for starters, devastate the dollar and the rigged market for U.S. Bonds. Take out the wobble caused by the Earthquake and its aftermath, and the weekly chart has been flatlining for a year-and-a-half. That’s like driving the Baja 1000 with a cup of coffee on the dashboard and not spilling a drop. So what’s the technical picture look like for the yen? More of the same would be my guess.
