The Yen Looks Like an Erupting Volcano on Iwo Jima

While stocks bounce today, the Japanese Yen is not coming in the way you would expect for a "risk on" trading session.

The FXY, Yen ETF, below on the daily chart, shows price on its way to a confirmed weekly base bottom, assuming it does not lose $83 before Friday's close. 

You can see the launching pad the base provides, stretching back over one year--An old technical saying is, "the bigger the base, the higher the space."

I will flesh out the significance of the Yen strength in my usual Midday Video for Members. 

Also note volatility not coming in much today, too. Someone is likely lying here, and traders should have their guard up for some more wild moves before the long, holiday weekend.