The US dollar fell rather precipitously during the trading session on Monday initially against the Japanese yen, reaching down below the ¥113 level. This is an area that has been resistance previously, so at this point I think that there are buyers willing to lift from there, as we have seen. This is a market that has been important on longer-term charts as well. At this point, I think that the market probably goes to the ¥114 level, perhaps even the ¥114.50 level. This was essentially a “risk off” type of move, which of course makes quite a bit of sense. I think at this point it makes sense that we have turned around to rally based upon the interest rate differential that of course will continue to favor the upside.
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