USD/JPY continues its climb as the correlation with risk aversion is further eroded.
Technicians are looking at the possibility of a major trend change taking place if the grreenback can overcome resistance at 94.65. If so, we would then have my favorite patterns in place: the double bottom. Measuring netween 87.11 lows and the intervening 94.63 high yields 7.52 yen. Add that to 94.63 and you get 102.15, the measured move objective.
Near-term, dealers say stop loss buy orders lie just above the 94.00 level.
