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COMMODITY INSIGHT
152 Ennis Lake Road, Ennis, Montana
(November 23, 1997) CURRENCIES: In the last issue of this newsletter I suggested buying (1) Canadian Dollar and (1) Japanese Yen. The yen trade turned out to be a loser thanks in large part to this week's 10% drop in the value of the “won” (South Korea's currency) and the bankruptcy of Yamaichi Securities Co., the world's fourth largest brokerage house.
But my works still suggests that the yen is on the verge of establishing a major bottom. For now, buy (1) March yen at 0.8060 with an intra-day stop of 0.7970. This trade should only be attempted if on Monday's opening the March yen is above the 0.7990 level. If it is below that level this trading suggestion is canceled.
If the 0.7990 level is violated to the downside this week, the yen could drop considerably. If the 0.7990 level holds this week, the yen will be at 0.82200 quicker than a heartbeat.
Jerry F. Welch
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