The US dollar has rallied again during the trading session on Wednesday, reaching above the ¥113 level. This is a market that I think continues to see a lot of volatility, and extreme highs and lows. At this point, I think that pullbacks are probably going to be buying opportunities, but we haven’t had a decent one in a while. I would not be surprised at all to see this market turned around a roll over towards the ¥112 level, an area that has been supportive more than once. I believe that the market should continue to see a lot of noise, but I think that there are plenty of buyers underneath to keep this market afloat over the longer-term.
If we broke down below the ¥112 level, then I think the market will go looking towards ¥111 level next. That’s an area that has been important more than once. I believe that the market is going to continue to be very noisy based upon headlines, and of course risk appetite around the world. I believe that we will be held hostage to headlines involving trade tariffs, but clearly it looks as if the buyers have made a major influence in the market over the last several weeks. I anticipate that we will eventually go looking towards the ¥114.50 level above.