The yen is giving signs of being on the move (finally!) - it's back above its 200-day moving average and the indicators are on the positive side. In particular, the DMI-ADX is showing the advancing volumes line (green) moving up to where it can soon confirm an uptrend (when it's above 40). If and when it is joined by the DMI line moving above 20 and preferably above 30, that will help confirm as well. From a price standpoint, the yen as shown on this $XJY chart should push to and past 107 to really confirm a breakout from the consolidation range. Above that lies the 111.49 pivot that it fell from earlier this year. If and when it successfully challenges that pivot, that will pave the way for the yen to move to challenge and exceed the prior all-time highs.
Many trade the yen using FXY, although there are also some newer ETFs also, and then of course some use options. That depends on your trading style. Also, there will be some who prefer to wait for a breakout to confirm. For myself, at this point based on looking at the overall Elliott Wave pattern - and readers know I've been reviewing this for a long time! - I'm on board so long as it can remain above its 200-day moving average this time around.
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