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Published on Nov 17, 2016
The
us dollar broke higher against the Japanese yen during most of the
Thursday session, and it’s only quite remarkable: tested the 110 level
after forming a shooting star the previous day. This is a very strong
sign, and as a result I believe that we are going to break out sooner
rather than later. The fact that we reached above the top of the
shooting star shows just how much upward momentum there is, but I would
be the first to admit that the market seems to be a bit overbought at
this point. I look at pullbacks as potential value plays, and we use
them as such. I think that the “floor” in the market is somewhere near
the 107.50 level, and as a result would even consider selling until we
got well below there.
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