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Global News and Fundamentals
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The Yen vs. the Dollar − Double Entendre?
Wed, Nov 11 2009, 20:58 GMT
by Andrei Pehar
US Treasury Secretary Timothy Geitner was in Japan talking reporters today, where he stated "I believe deeply that it's very important to the United States, to the economic health of the United States, that we maintain a strong Dollar."
Meanwhile the
question that remains is whether the Bank of Japan intervene if the USD/JPY breaks
below 88.00 as they have in the past.
The bank is silent on this subject at the moment.
Which brings us to this week’s truth-telling Fibs...
On October 7th, price reached a low at the end of a long-term downtrend at 88.03 By October 27th price had bounced up hitting a high of 92.33
As you can see on the chart, price looks as though it may be hitting a double-bottom with strong resistance at the 61.8 retracement level at 89.76
If price continues up from here, a very long-term target would be 94.98. Closer resistance levels to watch include 90.18, 90.69, 91.31 and 92.33, which would bring us back to the previous high.
If price finally does break this support level, the USD/JPY could go back to the 88.03 level, potentially pausing at additional support along the way at 88.95 - at which point we would find out what the Bank of Japan intends to do.
Published on Wed, Nov 11 2009, 20:58 GMT
Archive
- The Yen vs. the Dollar - Double Entendre?
Published On Wed, Nov 11 2009, 20:58 GMT - Non-Farm Payrolls and the GBP/USD
Published On Thu, Oct 1 2009, 20:33 GMT - US Housing and EU Manufacturing
Published On Tue, Jun 23 2009, 15:16 GMT - US Posts Lowest Consumer Confidence on Record
Published On Tue, Feb 24 2009, 15:28 GMT - Obama Names Next Treasury Secretary
Published On Fri, Nov 21 2008, 21:24 GMT
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