A strong yen has put great strain on Japan’s export-driven economy this year. It has also made it even harder for the central bank to attempt to extricate the nation from the grip of a deflation that has persisted for more than two decades. Trying to stimulate exports all along, the banksters at times have seemed quite serious about pushing the yen lower, which lately has meant into negative territory. Now it appears they are going to give it another try. If so, they may finally have the wind at their backs technically speaking, since there’s evidence on the daily chart that the currency recently made a top of at least intermediate-term importance. Notice that the high of the move failed not only to reach a clear Hidden Pivot target at 0.95175, it also died a hair short of a key peak at 0.95100 recorded back in October 2014. This is the sort of timid price action from which we might infer that buyers are in need of rest. The picture would turn very bullish once again, however, if the 2014 peak were to be exceeded even by a tick. But until such time as that happens, we should simply sit back, observe and trade the minor moves, albeit with a bearish bias. ______ UPDATE (May 30, 2:40 p.m. EDT): The analysis above got it right, since the yen has fallen sharply from the 0.94830 peak recorded on May 3. If the recent low doesn’t hold, the slippage could continue down to as low as 0.89023 (see inset, a new chart). This target should not be considered viable for precise bottom-fishing, since the impulse leg from which it was derived is not of the highest pedigree.