Tuesday, March 31, 2009

Japanese Currency ETF looking bearish

Here is an addendum to my last post...M Club just issued a new down triangle for an ETF I like to watch, the CURRENCY SHRS JAPAN ETF (PACF:FXY). We now have 4 or 5 confirmations to an even weaker Yen then we already have...
  • The Yen has already shown major weakness to all the crosses.

  • The equities are again looking strong today...and if yesterday just turns out to be profit taking, all the Yen crosses will rise with them.

  • We were issued a weekly down triangle on the Yen spot today.

  • The Japanese fiscal year is now officially over, and that could mean some movement as the pressure is off Japanese companies (for now) not meeting their predicted numbers, based on yesterday's fiscal closing price. Seems there may be additional profits for some of these companies.
  • This chart below of one of the biggest currency ETF's:


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