The US dollar continues to grind higher against the Japanese yen as we now find yourselves testing the 111 handle. However, this is an extraordinarily oversold market, so I’m not willing to go long here. I need to see some type of pullback that show signs of support in order to go long, and I certainly wouldn’t go short in a market that has broken out so significantly. In other words, I need to wait for “value” in order to get involved with any new positions when it comes to the US dollar against the Japanese yen.
USD/JPY daily chart, November 22, 2016