By ForexMansion.com

 

With the G-7 announcing that they were all going to sell off the yen this week, it appears that this pair has a floor in it, at least for the short-term. With the wild gyrations in this market, it has been a tough one to trade recently. As you can see, we have had a major drop, followed by intervention, which of course stopped at the bottom of the pennant that was drawn a while ago. This is technically bearish, but with the CB’s ready to punish shorts in this pair – it is going to be an almost “off-limits†pair for a while.

 

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