Archived IMT (2008.09.09)
JPY attempts to regain strength after losing momentum during the Asian session, but FX traders are aware of the currency's revived role in thriving on reduced risk appetite. The currency remains the second best performer (year-to-date and quarter-to-date). Daily chart starting to show head-&-shoulder formation, with resistance/right shoulder at 108.50s, suggesting 107.30 and 106.50 target. The fact that recoveries in US equity indices have become increasingly short-lived after the series of Federal government and Fed bailouts (Bear Stearns, Fannie/Freddie Part 1 and Part 2) is incrreasingly evident.