The Japanese Yen, the so-called ‘safe haven’ currency, notched an upside reversal pattern on its daily price chart today as the European Central Bank caused a near panic back into safe havens trades due to their lack of policy action in regards to formerly promised stimulus measures.
As noted in my earlier post this morning, normally, this would be a powerful signal for yen shorts to cover after a nice mover lower with the expectation that the market is now about to commence an upward move.
This post was published at Trader Dan on July 21, 2016.
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