Look which currency is running with gold this week - it's the yen, friend!

I've got to admit, as I've been keeping an eye on markets during my vacation this week, I'm surprised that it's the yen that's been strengthening along with gold this week. By contrast, the euro is just barely clinging on! Readers know that I originally was very bullish the yen, then tracked as it dropped into what I measured as a flat. Then the time-consuming consolidation had me worrying if it was going to downtrend. After it acted poorly from the .618 Fibonacci retracement above 108 in $XJY, it had me worried again (and made me some coin on the short side). Then once again, what could have been a pullback up, has moved back into a bullish looking upswing. From a Fibonacci perspective, assuming it can regain and make that level above 108 into support, it can once again make the effort on the key long-term 111.49 pivot and get into position to make new highs. Below you can see how my daily charts of the euro and yen are looking after today's action: