Archived IMT (2008.10.08)
103 YEN NEW RESISTANCE: USDJPY drops below the 100-yen level for the first time since April as the global market deleveraging rises to new heights despite todays coordinated rate cuts. From a short-term perspective, we could see renewed equity gains during the US session, which could once again flounder later in the session and force renewed losses back to as low as 97.00 later in the month. We mentioned in yesterday's article that further deleveraging as measured by NYSE margin debt usage is a reflection of the considerable leverage accumulated during the last bull market is now forcefully being undone by a powerful combination of margin calls and accelerating market losses, triggering broad ripples of sell orders among large and small investors. 103 yen is to become the major short term resistance in USDJPY, as bears produce lower highs. Interim resistance stands at 101.70, with support starting at 99.30, backed by 98.70.
Virus Sends Stocks to 4th Worst Day in Past 9 yrs
by Adam Button | Feb 24, 2020 18:25
Gold Eyes 1680 ahead of G20
by Ashraf Laidi | Feb 21, 2020 18:08
3 Charts for GBP Traders
by Ashraf Laidi | Feb 21, 2020 13:18
Is Yen-Centric Risk Back?
by Adam Button | Feb 20, 2020 17:34
Why the Euro Keeps on Falling
by Adam Button | Feb 19, 2020 16:37