Welcome to Extreme Investor Network, where we provide you with exclusive insights and analysis on the stock market, trading, and all things Wall Street. Today, we’re diving into the recent movement of the USD/YEN and what it means for traders and investors.
The USD/YEN has just hit its late-2023 bottom, finding very strong support in the process. Additionally, the sharply declining support line has been reached, creating a potentially bullish setup. Not to mention, the 61.8% Fibonacci retracement based on the 2023-2024 rally is also in close proximity, adding another layer of significance to the current situation.
These factors combined make for a powerful case for a potential rally in the USD/YEN. What’s more, there is a striking similarity in the shape of the price movement to how the currency pair bottomed in late-2023. This historical pattern suggests a possible repeat of past movements, with an initial bottom, sharp rally, lower low, rebound, and final low sequence playing out once again.
If history does indeed rhyme, we could see other markets follow suit as they did at the beginning of 2024. For the precious metals market, this could mean further declines on the horizon. It’s important to note the time analogies at play here as well, with the overall bearish time of year for gold typically seen after U.S. Labor Day.
At Extreme Investor Network, we’re committed to providing you with in-depth analysis and unique insights that set us apart from the rest. Stay tuned for more exclusive content and expert commentary on the latest trends and developments in the world of trading and investing.