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A Yen Play

Posted by StockBuz on June 27, 2010 at 10:34am
FXY recently broke out of a triangle on its Daily chart but the larger picture shows what I believe is a bull flag on the Weekly. Nice. One could go long if it pulls back to test triangle breakout support with a stop below a rising 50d or merely wait for a break above $112 and get long at that point [letting others do what I call *the heavy lifting*]. At that point your stop would be on a *close* below $112. Remember however this is a weekly chart so we're talking a long swing. Not just a few days.

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Tags: japan, currencies, fxy, yen
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