News reports had the yen soaring yesterday; what it did, actually, was create a minor impulse leg on the hourly chart. We can take the rally seriously if it gets past the two labeled peaks without pausing for breath, but until then it’s just noise. Nor are there any good hooks for a ‘camo’ entry even though the current rally leg has exceeded the 1.770 midpoint resistance associated with an 855 target. G-7 is supposedly annoyed that Japan has been so clear about its intentions, but that doesn’t mean they’ll be able to stop the yen’s descent to 95, the number that has been reported as BOJ’s ultimate goal.
