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Published on Nov 29, 2016
The
US dollar rallied during the day on Tuesday, breaking above the 112.50
level against the Japanese yen. However, we did pullback a little bit in
order to show signs of struggle. I believe that a pullback is what we
need to see in order to continue going higher. The 110 level below
should be supportive, as the market continues to show quite a bit of
bullish pressure, but quite frankly is overbought at this point. I think
it’s only a matter time before we do go higher so I’m looking for
pullbacks and signs of support on shorter-term charts or even quite
frankly a significant pullback in order to go long. I have no interest
in shorting this market, and with this it’s only a matter of time before
the buyers get involved as far as I can see. I would not be buying at
this point, as the market is so overextended and it quite frankly would
be chasing the trade if you got involved now.
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