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Published on Jul 31, 2016
The
US dollar initially rallied against the Japanese yen but found so much
pressure above the 105 level that we just rolled right over. We ended up
closing the day just above the 102 level, so this was a significantly
bearish candle. I believe at this point in time that we will probably
try to break down to the 100 handle, but somewhere in that area you have
to believe that the Bank of Japan will lose it sense of humor when it
comes to the strengthening Yen. With this, I believe that the downside
is probably going to be the right play for the next couple of sessions,
but I’m not expecting much beyond a retest of previous support.
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