JPY's Changing Face?

by Ashraf Laidi

Mar 11, 2009 12:57

Yen may have lost some of its safe haven luster but it also has shown unusual resilience against USD during risk-seeking climate. USDJPYs failure to gain during yesterdays explosive equity rally is translating into deteriorating oscillator setup on the weekly and 4-hourly charts. 5-day MA turns towards 10-day MA for a retest of the 97.85 support. Downside seen extending towards 97.00. Any upside remains capped at the 200-day MA of 100.00. 100.80 TL resistance stands as the more substantial resistance.

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