Currencies were in the spotlight this past week with the USD/JPY exchange rate piercing through the key psychological 100 level. Surprisingly the Japanese yen -2.27% was not the weakest currency, but the Australian dollar -2.86% and the New Zealand dollar -2.70% led the way down. The US dollar has been the out performers in the G-10 over the past month. Traders should continue to keep a watch on the currency markets with key economic data releases scheduled in the week ahead. In the commodity markets the under performers were the Grains and Natural Gas. I will be keeping a close eye on the Metals as they closed the week mixed and under crosscurrents.
Notice the breakout identified by the RQ 7 in early December, March, April and finally in early May above the psychological 100 level.