The Yen is getting close to an important level...there may be a tradable move soon...

You should be watching the Japanese Yen / US Dollar as it closes in on the important 110 level.  This area was major resistance level in 2008 and again in late 2014.  Also the Yen/Dollar exchange rate is down about -15% in less than a year and -7.5% in just the past two months, which are significant moves in the currency world. 

Over the past few weeks the more precise support level has been around 111, and that's OK....remember...this is an art and not a science.  We are taking about dynamics that have played out over almost a decade so don't get too cute.  The bottom line is that I think we could see a tradable move here soon.  I think we get a bounce and the important thing is that there is a clear stop out level at 111 if we are wrong. 

 

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