Richard Perry
Independent Analyst
The amazing strengthening on Dollar/Yen has taken off once again as a huge 130 pip rally from yesterday has continued today. The Dollar is now pushing ever closer towards the 110.65 August 2008 high. Momentum indicators remain extremely strong and despite the stretched configuration the bulls are showing no sign of giving up the rally. The only near term way to play this is to run with the bulls, however, in situations like these there is always a risk of a sharp correction, so staying close with stops may be wise. There are initial levels of support at 108.36 but then not until 107.40.
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