The rising wedge and fakeout above aren't great for my thesis, but as I've shown before, a rising wedge is not 100% a bearish result. Odds are in favor of downside, but we also have to consider that this is a secondary trend. The longer term levels will overrules the shorter term ones. However, until it breaks above 160 and keeps going, there's potential that that was the top.
The BOJ is trying desperately to save the Yen, spending tens of billions of dollars and they've stated they are ready to spend more, they want to set the tone that $160 is it. I think this is a futile effort. Even after two separate interventions with over $50 billion of spending, the Yen is still struggling and short interest continues to grow. They saved it in 2022, but I think this time is going to be different and that's what marks the start of the crash.
The BOJ is trying desperately to save the Yen, spending tens of billions of dollars and they've stated they are ready to spend more, they want to set the tone that $160 is it. I think this is a futile effort. Even after two separate interventions with over $50 billion of spending, the Yen is still struggling and short interest continues to grow. They saved it in 2022, but I think this time is going to be different and that's what marks the start of the crash.
