The Yen ETF:FXY broke out above 1.20 and after running higher typically pulled back to test this breakout point. It successfully tested it and is now approaching the breakout rally high double top at 122.46. Price needs to clear and hold above this level to have higher lows and higher highs and suggest a run up to the Nov/Dec/Jan breakdown resistance level at 125.75. The Yen often does rally from April into May historically. So far so good. The Yen is not out of the woods yet with the 20ema below the 50ema which is below the 200ema. So far all this is, is a rally that has only run up about a Fib 38.2% retracment of the last selloff. Lots of bear market rallies do exactly that and selloff again. Bottom line watch the recent double top to breakout or stop the rally in its tracks.
