- The US dollar has shown itself to be very volatile during the trading session, which of course is not a huge surprise considering that reports came out suggesting that Donald Trump was getting ready to fire Jerome Powell.
- He has since said that's not true. And that of course has caused the market to turn right back around as false information was the main reason for what we saw.
- The US dollar at one point broke down well below the 148 yen level, but as he has come out during a unrelated press conference saying that that wasn't true, he obviously didn't have good things to say about Jerome Powell, but as far as actually firing him, no, that's not going to happen. And that has calmed the entire situation down.
Support Was Found
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The market has found itself finding a little bit of support here near the 200 day EMA. And I do think that is something worth watching. If we can break above the high of the day for Wednesday, then it's likely that the US dollar could go looking toward the 151.50 yen level.
This is a market that remains very noisy, but I think ultimately will continue to favor the interest rates in America as they are much higher than they are in Japan. And they certainly were at one point during the day as the markets just basically lost their collective minds after that report came out. So, with that being said, I think you have to look at this as a buy on the dip type of scenario.
And I think you have to look at it as a market that will continue to be very volatile, but you can see that we continue to climb as I recorded this video. So, I remain bullish.
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