Dollar bulls approaching square one again after strong rally
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New York
AFTER profiting from a world-beating rally, dollar bulls find themselves at risk of being back at square one again when it comes to sustaining gains against the yen.
Even after finishing Friday lower following some soft US economic data, the greenback has rallied 3.8 per cent to 113.30 yen in the past month, the biggest advance among major currencies. The rally has some traders looking to 114.54 yen - a key retracement point of the move since the US election in November - and to 115 yen, a level the dollar failed to sustain momentum beyond already on three occasions this year.
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