- After being rebuffed at 122 yen earlier this month the U.S. dollar has slipped back, but now appears to be rebounding strongly from lows at 115.60.
- We need to push back through the 120.00 level to suggest a retest of the highs.
- The risk remains to the downside after the bearish engulfing week a couple of weeks ago.
- A move back below 117.80 argues for move back towards the lows this month at 115.60.
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