The Yen Breaks Out

The Japanese yen actually broke out yesterday and I missed it,  however I would wait for a pullback before jumping in anyhow.

I was watching this last week and mentioned it here to point out what to look for. You can trade this using the Currency Shares Japanese Yen Trust (FXY).

It happens that Jim Rogers is also very bullish on the Japanese yen as well as the Swiss franc, as he has been unloading all his U.S. dollars over this past year. I know that the place to be as of last has been the U.S. dollar, but there is something about the longer term trend that has me staying away from that trade.

(click to enlarge)