More Yen

I posted the the FXY chart (proxy for the Yen) on Friday wondering whether a new trend might be afoot. That was a daily looking back 6 months. I decided to stretch the analysis out further and now present a monthly chart going back about 5 years. You'll observe that there could be some support around 123 (where it is now), but more likely some downside left to the 120-121 level (for the short term trader). At that point, it gets very interesting from a long term perspective. A break below might signal the real change in trend that many are expecting. In the end, though, caveat emptor -- it's still just a chart read and anything might happen in this world of crazed monetary policy.