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
fxKnight.com
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
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