Intraday Market Thoughts

Archived IMT (2009.10.26)

by Ashraf Laidi
Oct 26, 2009 23:13

We mentioned in the am IMT (6 hours ago) about the potential for a triple top failure in EURJPY at 139. W'ere now at 137. On a weekly basis, EURJPY could suggest further pullback towards 135, which is a recurring pattern of the June 4th and August 6th moves. While USD and JPY are both on the rise, the only barrier standing in the way of rising USDJPY could be negative US data (consumer confidence and/or Q3 GDP on Thurs). Short of that, USDJPY eyes 93.30 as the next objective, especially as bond yields maintain their upward moves. GBP traders watch out from the CBI survey at 11:00 GMT. BST (British Standard Time) and GMT are now equal i.e. = EDT+4 until next Sunday when EDT reduces 1 hour.


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