Forex Trading: The Japanese yen plunged against every major currency last week, in the process completing a topping pattern which should mark a long term trend change for the Japanese currency.
Last week we pointed out that USD.JPY has been ‘holding the lows just above 75.00 for the past 6 months and that this is significant because large moves typically commence from extended sideways consolidations’.
Take a look at the weekly chart of USD.JPY which shows the pair breaking out of the consolation trading range between 75-80.
Forex Trading USDJPY weekly bars
The plunge in the yen is not restricted to price action against USD, but to every major tradeable currency.
Euro currency trading at four month highs versus Japanese yen.
Forex Trading EURJPY weekly bars
Canadian dollar trading at five month highs versus Japanese yen.
Forex Trading CADJPY weekly bars
Australian dollar trading at six month highs versus Japanese yen.
Forex Trading AUDJPY weekly bars
