"The Yen Collapse Has Become Disorderly": Look For A Final, Sharp Decline Before It Hits A Floor

JPY Index monthly chart setup update.

Price just move 300 pips and you said colllapse. Wait until the price move to 200.00 lol

Every good technical analytics right ? Knows it will be a bullish price action but I was not expecting this type lol about 200 pips just one day on cadjpy dam

This is the best con-man type action in recent forex history. They just pack 80% retail traders into belive of intervention and rip their hearts-off.

Next week will be interesting. Lots of people fearful of going short with this recent move, is it time to be greedy?

Can't wait till this dives off a cliff

There were a lot of people who were aware that intervention was unlikely and warned others about it. I know idiots who were layering sells from 140 thinking of muh intervention.

they did us dirty

Follow the price and not the words of a central bank officials.

You’ll be burnt many times over if allow your emotions to control the trade vs logic.

In my haste to accept the "BOJ talk means something is coming quickly", I, too, neglected to step back and take a larger look. Yes, things have been moving fast on the shorter time frames. I have also been looking primarily at the futures /6J (which doesn't have data back beyond 2004...so mistake yet again. Using monthly USD/jpy charts, the pair is not oversold....or at least not nearly as dramatically as it is on the daily/weekly.

As you stated, the breakout above the Oct '22 high of 151.938 gave it room to move to the next level of resistance. The problem is, that level was set before most of us started trading.....and probably before many of those on this forum were even ALIVE! 160.35 back in April if 1990! The velocity of this move certainly suggests that will be near term (and very achievable) target.

The inverse head and shoulders pattern on the monthly is also very textbook. The pattern, however, suggests there could be even more room to move to the upside with the distance from the head to neck being around 50 points (neckline around 125, head around 75) which could give license for a retracement all the way back to the 175 arena. The problem with that, however, is that there is no significant horizontal price resistance from thebFeb 1983 level (263.50) all the way down to the aforementioned 160 level fro 1990. There are tiny blips in April '86 and June '87 (175.75) that,in hindsight could be reversal points, but a more near-term pullback from the 160 level would seem much more plausible.

Gotta love some good old fashioned technical analysis......just wish I had taken a firm look before flipping a coin(aka believing all this chatter meant intervention last week) pre-news!

If zerohedge says this, that means we’ve got more to go