Throughout the past week, the value of the US dollar was determined almost exclusively by foreign developments. The dollar skyrocketed against the Japanese Yen on carry trade demand and slipped against the Australian, New Zealand and Canadian dollars on rising commodity prices.
The USD/JPY surge from 118.99 has continued to barrel on in what could be a resumption of the longer-term uptrend, but with the recent rally a bit overextended, the pair has just encountered resistance at the 78.6% Fib.
Tim Bourquin interviews day trader Eric Patterson, who talks about what puts him in the top 1% of all independent traders and the keys to his success in the markets.
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