(Bloomberg) The dollar’s tumble against the yen is driving it down so fast as to make it ripe for a sudden pullback, according to Tatsuhiro Iwashige, the chief foreign-exchange strategist of the investment solutions group at Tokyo-based hedge fund GCI Asset Management. Fibonacci analysis, a tool used by traders to find key turning points for currencies, shows a slump toward 103.40 is possible, but that such a move may take it toward the limits of its short-term gains. “I wouldn’t recommend selling dollars from current levels around 106 yen, which is the dollar’s bottom this year,” Iwashige said.
Dollar May Drop To 103 Yen Before Bouncing Back
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