That is not some smart title- It is literally a struggle to find a new interesting chart today.
However, one chart that looks very interesting (to some LOL) is JPYKRW
Last week this posted a clear bullish outside week off a double bottom and the rally has continued this week.
Good trend line and 55-week MA resistance exists at 8.91-8.94 with further horizontal and downward sloping channel resistance at 9.265 to 9.36.
A weekly close over 9.2650 would complete a double bottom that would target 10 with interim resistance at the 200-week MA at 9.78
in addition, a monthly close above 8.9079 would also give us a bullish outside month at the low of the 4-year + downtrend. This is not something that has happened in this whole downtrend and the last bullish outside month was back in Jan 2020
All of this at least suggests that we could be seeing a major medium term trend reversal forming- something that would be hard to imagine unless we are also seeing a major turn in USDJPY. That would also be hard to imagine unless US yields and US Japan spreads are heading materially lower (which is my bias)
In this respect it is worth keeping a close eye on whether USDJPY closes the month below 154.55 as that would be a bearish outside month at the trend high. This has also not happened in the whole rally up from Jan 2021 (which barely missed a bullish outside month to start the trend)


Tom Fitzpatrick
Tom Fitzpatrick, now the Managing Director of Global Market Insights at R.J. O'Brien, offers an impressive background. Originating from Ireland, his journey began at Chase Bank of Ireland, evolving through pivotal roles in foreign exchange (FX) at HSBC and Nedbank. His expertise expanded at Citibank in various global positions, culminating as Managing Director and Global Head of the CitiFXTechnicals product, delivering award-winning analysis across multiple asset classes.
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