In general, the longer term trend in the Yen crosses has probably reversed (from down to up). One thing that worries me about being long Yen crosses right now is that prices made their highs on the first day of April thus making April a bearish month. Highs early in the month are often accompanied by lows late in the month. This tendency suggests that we could get a better long entry in May. However, the rumor today that the Bank of Japan is expanding its asset purchase program by only 5 trillion rather than 10 trillion is reminiscent of the Chinese PMI rumor from 4/12. That ‘rumor move’ was completely retraced in 2 ... (full story)