Archived IMT (2009.08.10)

JPY recovers after Friday's aggressive sell-off. USDJPY failed to breach 97.90, now testing 97.00 and may be at risk of a gradual retreat into 96.60, as the Japanese currency is lifted by falling global equities, while the bulk of the USD gains emerge against non-JPY currencies, particularly GBP, AUD and CAD. GBPUSD has hit out 1.65 target, now eyeing the 55-day MA of $1.6440. Oil seen consolidating around 70.70-68.00. $USDCAD nears 1.0880 interim target before the key 1.0920 resistance later in the week.