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Published on Nov 22, 2016
The
US dollar initially fell during the day on Tuesday but found enough
support to turn around and form a little bit of a hammer. However, this
market is so overextended at this point in time that you cannot safely
get involved to the upside at the moment. Having said that, it certainly
looks very bullish and it doesn’t look ready to break down quite yet. I
welcome any type of breakdown at this point as an opportunity to pick
up value below, something I hope to do fairly soon. At this point, if
you are not already long of the USD/JPY pair, there just isn’t much to
do as you have to wait for a better entry.
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