went back and forth last week as we continue to see a significant amount of noisy behavior between the 1.01 level, and the 1.03 level.
This is a scenario where we see a lot of choppy behavior, and I think that will continue to be the case. Going forward, this is all about fading short-term signs of exhaustion, but recognizing that we don’t have very far to go. If you break down below the 1.01 level, then it’s possible that we could go down to the parity handle.initially rallied during the trading week but gave bank gains as we slammed into the 1.20 level. The 1.20 level is a significant support level, and it does look to me as if the market is trying to break through it. It’s also worth noting that theis starting to break down below the 200-week EMA, thereby signifying just how negative things are.
By Friday, we have attested the 0.69 level, an area that has been imported more than once. If we break down below the bottom of the candlestick for the trading week, then it’s possible that the market is looking to the 0.68 handle, possibly the 0.67 level.On the other hand, if we were to break above the 0.7050 level, then it’s possible that we could go looking to the 0.71 level, but that seems less likely now.fell initially during the trading week but then turned around near the ¥1.
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