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Dollar Yen – The Key to Commodities?
July 4th, 2008 at 1:56pm · No Comments
While the dollar is once again moving lower against the euro, it’s holding its own against the yen. Here are the monthly and weekly charts of the dollar against the yen. I believe continued dollar advance against the yen will break the commodity bubble. The dollar’s trend is up on a weekly scale, but it’s reached the upper channel, a logical place for a pause or reversal. On the monthly chart, the trend is still down, as evidenced by the cycle-trap indicator. But with three up months since the low, it’s possible that March low will hold.
Tags: General Market Commentary · Yen
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