Courtesy of Chris Kimble.
The US Dollar/Yen is facing a trio of potential support lines at this time with few people bullish the US$/Yen at Stocktwits. What happens at this potential support zone, could well impact the Risk On trade from now until year end.
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The trend in the US$/Yen remains down for the past few months, as the YEN has been stronger than the US$. The US$/YEN remains inside of a steep falling channel over the past 10-months.
The bottom of this steep falling channel and two other lines come into play as a support test at (1), as momentum is reaching oversold levels.
If support would happen to hold and resistance happens to get taken out at (2), it could surprise a few investors, as few are bullish the US$/Yen at this time.
What happens at support zone (1), could have a large impact on the currency and stock markets going forward!
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