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Published on Aug 9, 2016
The
dollar initially tried to rally against the Japanese yen, but as you
can see turned around to fall during the day. Ultimately, this is a
market that looks very likely to continue to drift a bit lower but I
think there is a significant amount of support just below. Given enough
time, I think that the Bank of Japan will make sure that the market
turns around, but I also believe that there are enough people in the
market that are aware of that, and that should keep this market somewhat
afloat. I believe that the 100 level is essentially the “line in the
sand” when it comes to the Bank of Japan. Any supportive action in this
area will more than likely be a buying opportunity.
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