The US dollar initially tried to rally during the session on Thursday but then rolled over towards the 113 handle. There’s likely a significant amount of support in this area, and of course the previous downtrend line that we have broken out. I believe that given enough time it’s likely that we will find buyers just below, and as a result I think we are trying to build up enough momentum to finally break out above the 114.50 level, which extends to the 115 handle. Once we get above there, the market goes much higher, and it becomes more of a “buy-and-hold” scenario. In the meantime, I like buying these little dips to add slowly to a larger core position. Overall, the interest rate situation in the United States continues to favor the dollar over the yen, so unless we get some type of panic, this market should go higher eventually.
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