Intraday Market Thoughts
Archived IMT (2008.12.19)
by
Dec 19, 2008 13:58
Neither the BoJ cut nor the White House bridge loan to US automakers succeeds in considerably shoring up risk appetite. JPY crosses extended their damage despite the BoJ's 20-bp rate cut to 0.10%. The White House's announced $13.4 billion short-term loan to Detroit requires them to show profit by end of Q1 2009. Quadruple witching Friday often includes surging volatility, therefore the JPY crosses will show most of the action. GBPJPY and USDJPY seen targeting 133.20 and 88.80 as both remain capped by multiple downward trend lines. gold to remain supported at $817. All this leaves USDJPY as the more consistent short pattern ahead with 92 acting as considerable short term resistance.
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