yen gaining, dollar falling
The yen has been gaining as traders have been losing risk appetite. This will be bearish for the dollar as it has been unable to hold onto recent gains. Troubled economic news in the U.S. has placed the dollar in a corner. Stronger commodities will continue to put pressure on the dollar.
Oil has been getting hit as of late since a double top of $73.38 has been confirmed and the "sell rallies" notion is being heard loud and clear. Total petroleum inventories rose to a level not seen since 1990.
