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The US dollar rallied during the day on Tuesday, breaking above the 112.50 level against the Japanese yen. However, we did pullback a little bit in order to show signs of struggle. I believe that a pullback is what we need to see in order to continue going higher. The 110 level below should be supportive, as the market continues to show quite a bit of bullish pressure, but quite frankly is overbought at this point. I think it’s only a matter time before we do go higher so I’m looking for pullbacks and signs of support on shorter-term charts or even quite frankly a significant pullback in order to go long. I have no interest in shorting this market, and with this it’s only a matter of time before the buyers get involved as far as I can see. I would not be buying at this point, as the market is so overextended and it quite frankly would be chasing the trade if you got involved now.

Remember: The author is a trader who is subject to all manner of error in judgement. Do your own research, and be prepared to take full responsibility for your own trades.



Please do your own due diligence before making any investment decision. This article should not serve as investment advice. This post is mainly as reference and tutorial for trading on possible cryptocurrency breakout.

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