The US dollar initially pulled back during the trading session on Tuesday but found significant support at the ¥111 level. We ended up turning around to form a hammer, which is a very positive sign. I think that the ¥112 level above is the initial target, but if we can break above there we should then go looking towards the ¥113 level. Alternately, if we break down below the ¥111 level, that should open the door to the ¥110.50 level where I see even more support. We are in and uptrend, but obviously we have a lot of noise above. This market is very highly sensitive to the trade war situation coming out of both the United States and China, so keep that in mind. Overall, I think that the market does have a proclivity to trying to reach towards the ¥115 level.
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