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Dollar makes a top extension

There was an extension in the $/Yen exchange rate yesterday. We have been $ bulls for a while here and this is the first sign that the up-move may be due for a pause or reversal. It seems likely that there will be more $ strength in due course but expect the current 'up-leg' to end hereabouts. We will consider whether there is room for a (very short-term) $ short in the next few days but in the meantime, protect profits.

Dollar yen top ext

All signals courtesy of software supplied by our friends at Parallax Financial Research www.pfr.com