Foreign Exchange Technical Analyst Notes: Bloomberg reports that a Daiwa technical analyst thinks the US dollar vs Japanese Yen will go to 108.58, based on the so-called “golden cross” technique (13-week moving average over the 26-week version). This would be a return to the level on June 16. We say this is indeed the underlying direction— but it can easily be derailed by a fresh round of risk-aversion that has outgoing Japanese capital flying back in to the yen, lousy yield or not. The fundamentals always trump the technicals and there is nothing more “fundamental” than flight from a crisis.