By ForexMansion.com
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With the G-7 announcing that they were all going to sell off the yen this week, traders have been warned against selling this pair, as well as all others yen-related. Looking at the weekly chart, there is a pennant that triggered, but it is followed by a very bullish and massive hammer. His pair looks confused at best, and is probably best avoided.
However, with the central banks showing they are willing to step in at this point, the weekly hammer might be valid. A long position could be a long-term great trade, if you can handle the almost certain rollercoaster ride this pair will go through over the next few months.
