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Published on Nov 23, 2016
The
US dollar skyrocketed against the Japanese yen yet again on Wednesday,
as we broke above the 112 level solidly. In fact, at one point during
the day we were testing the 113 handle. This market is absolutely
parabolic at this point, so I cannot in good conscience suggest that
buying is the best thing to do. I wouldn’t sell this market either
though, because quite frankly there’s far too much in the way of bullish
pressure. What I do need to see is some type of stabilization or better
yet a pullback that show signs of support below in order to take
advantage of value. Clearly we have broken out to the upside and the
trend has changed. However, this doesn’t mean that there will be
opportunities to pick up value below.
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