The U.S. dollar has rallied just a bit against the Japanese yen, but really, at this point in time I think we’re going to be very cautious heading into the weekend. There is going to be a lot of fear that maybe the Japanese will intervene. I think, given enough time, though, we probably do break out to a fresh new high, which would be the demolishing of a 1990 swing high, so that really could get this thing moving.

In fact, the measured move of the rounded bottom is for $224, so we’re talking multi-year. Whether or not that happens remains to be seen, but I still assume it will eventually. If we break down from here, I’ll be looking at the 50-day EMA as a potential area of support as well. I have no interest in shorting the dollar against the yen, and I do plan on continuing to keep holding onto the position in a long trade so that I can click swap at the end of every day.