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Yen Bulls See Stars Aligning for Further Gains

  • Dollar-yen has broken closely-watched ichimoku chart
  • Path open for a move toward pair’s 200-day moving average

Chart traders are getting excited about a further rally in the once under-pressure yen.

The dollar-yen pair has broken its 2023 uptrend and fallen through a closely-watched technical support zone known as an ichimoku chart, which paves the way for a further decline. The yen has rallied close to 9% against the dollar from its October low, though is still down 17% this year.