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Published on Nov 11, 2016
The
US dollar initially fell against the Japanese yen on Friday but turned
around to form a hammer. This is of course a very bullish sign and it
could very well lead to a test of the 107.50 level above. This is
massive resistance and if we can break above here, I think the next area
that the market will challenge will be the 110 level over the longer
term. However, I am a bit hesitant to go long at this point and would
prefer to see another attempt at some type of pullback, as we are bit
overextended after the surprise announcement of Donald Trump wedding the
US presidency. I believe that the 105 level should now act as a “floor”
in this market.
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