Near-term uptrend for the Japanese yen

The recent upswing in the Japanese yen can be attributed to recent stress in world markets. It is a safe haven currency for Japanese investors as money is repatriated from foreign markets. The yen could easily test resistance near 96.

Candlestick chart for the Japanese yen for a three year period.  Notice the upswing over the past three weeks.  There is a high probability it will test resistance at 96.

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Note:This technical analysis is for educational purposes. Please conduct your own analysis or consult a financial advisor before making investment decisions. The author of this article may hold long or short positions in the featured stocks or indexes.

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