Yen Posts Reversal Day on ECB

by Dan Norcini
Trader Dan

The Japanese Yen, the so-called “safe haven” currency, notched an upside reversal pattern on its daily price chart today as the European Central Bank caused a near panic back into safe havens trades due to their lack of policy action in regards to formerly promised stimulus measures.

[…] As noted in my earlier post this morning, normally, this would be a powerful signal for yen shorts to cover after a nice mover lower with the expectation that the market is now about to commence an upward move.

However, that assumes that we can get a Central Banker to keep his or her mouth shut long enough for the markets to actually figure out what the real fundamentals are. That of course is a wishful fancy.

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