The British pound had a major turnaround during the course of last week, initially plunging much lower than anticipated, only to turn around and show massive amounts of strength. At this point, it looks as if this is going to continue to be a “buy on the dips” type of situation. The ¥150 level looks to be a “line in the sand”, so as long as we stay above there, I think that buyers will probably continue to try to push this market higher. If we break above the ¥152.50 level, that is also a very bullish sign. The euro initially tried to rally during the week but then gave back the gains as we continue to slide lower. ... (full story)