The sell-off in dollar-yen, or USDJPY, has been in the news a lot this week.
“USDJPY Takes Out Stops, Plunges Under 101: Drags Stocks To New Lows,” said a Zero Hedge headline yesterday. (Japan’s Nikkei fell another 4.2% today.)
"It's just getting worse for global interconnected, correlated markets where every expression of risk is the USDJPY, and of course for the Nikkei and for Japan's PM Abe, who is now on strict Imodium watch. Should the USDJPY tumble to double digit range, we are officially in 'global central banker intervention is imminent' territory."
This video by EWI’s Currency Pro Service editor, Jim Martens, shows you why dollar-yen was set to tumble as early as January 10. Watch.
Want to see more? Join Elliott Wave International's Senior Currency Strategist, Jim Martens, for a live, FREE webinar on February 11.
What you will learn: Jim will focus on the latest price action in two key pairs: USDJPY and EURUSD. You will see how their recent wave patterns are showing you where the yen and the euro are headed next.
Register now to join Jim for this free forex webinar on February 11 at 2 p.m. Eastern time >>