Today's chart of the day focuses on the currency market. The US dollar has been under correction mode ever since I've discussed it here in the middle of March. However, one of the currencies that has failed to take advantage of the greenback's weakness is the Japanese yen. Contrary to all other majors which have rallied (such as the euro, pound, {{7|loonie}} and Aussie), the yen has merely moved sideways, displaying no signs of strength whatsoever.
Chart Of The Day: Japanese Yen could remain under pressure for longer
One could argue that the currency has been really oversold for a long time now and overdue for a rally. However, the BOJ is planning to print so much money relative to the Japanese GDP, that it dwarfs anything US and Europeans are doing. Moreover, while sentiment on the Yen was very negative coming into late 2014, the sideways movement has forced just about all hedge funds to cover their shorts, pushing sentiment back to neutral levels. Could the Yen be ready for yet another leg down?