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Published on Nov 18, 2016
The
US dollar rallied again during the day on Friday against the Japanese
yen, but quite frankly I think we are getting overextended. The 110
level offered a bit of support but I just am not comfortable going long
at this point. I think given enough time we will get a bit of a pullback
in this market, and that should be a nice buying opportunity. I would
love to see some type of pullback and a supportive candle along the
lines of a hammer in order to take advantage of perceived value. This
market has certainly reacted in a very positive light after the surprise
election of Donald Trump, and I believe that it is an expectation of a
stronger US economy going forward. Remember, the US dollar will likely
see an interest-rate hike fairly soon, selling the Japanese yen will be
seen anytime in the perceivable future.
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