March Japanese yen futures a selling opportunity on more price weakness.
See on the daily bar chart for the March Japanese yen futures, traded at the Chicago Mercantile Exchange, that prices are in a steep three-month-old downtrend and just Wednesday hit a fresh contract low. The yen bears have the solid near-term technical advantage to suggest still more downside price action in the near term. See at the bottom of the chart that the Directional Movement Index (DMI) has a green ADX line reading of 50.86. Any ADX line reading above 30.00 suggests a powerful price trend is occurring in a market. History shows that price trends in the currency markets tend to be stronger and longer-lasting than trends in other markets. A move below near-term technical support at 1.1650 would become a fresh selling opportunity in the March Japanese yen futures. The downside price objective would be 1.1200, or below. Technical resistance, for which to place a protective buy stop just above, is located at 1.1900.
