After new restrictions on banks' size, new regulations in the country fueled speculations and trading activities in United States America by President OBAMA, Yen is getting more strong against USD. According these restrictions that investments will decrease in the U.S, investors will have to abandon dollar-priced assets. USD/JPY ended below 90.00 which is the lowest level in a month. If we see on wider view then the pair is coming down from June 2007.
Yen ended last week with positive performance against many main traded currencies. After Obama's statement, Yen is climbing up. If more countries will also propose strict regulations in banking criteria then the yen will rally further.
Not only USD but also EUR remained weak against yen. EUR/JPY fell for the seventh session in a row. The decline was more than 500 pips. EUR/JPY fell on friday, reaching nine month low.
Yen's position was bullish. And market's position according USD and EUR's pairs with JPY was as follows:
USD/JPY closed the week at 89.80 from as high as 91.86 on Thursday. EUR/JPY closed at 126.91 from as high as 129.48 on Thursday.
Showing posts with label USD/JPY. Show all posts
Showing posts with label USD/JPY. Show all posts
Monday, January 25, 2010
Monday, November 23, 2009
USD/JPY: Dollar breaks below 88.65, hits 6-week low
In FXstreet.com, it is reported today that USD/JPY has finally broken through 88.65 support, the floor of the latest two day's trading range, the Yen attacked 89.00 level on early Asian session, filed, and turned lower reaching a fresh 6-week low at 88.55.
In case of confirming decline below 88.65 (Nov 19 and 20 low), next support levels lie at 88.35 (Oct 9 low) and 88.00 (Oct 7 low). On the upside, resistance levels lie at 89.00 (session high), and above here, 89.15 (Nov 20 high) and 89.50 (Nov 18 and 17 high).
EUR/JPY bounced at 131.85 low on early Asian session, right above key support at 131.75/80, and the pair rallied through the session to reach 132.85 high. Resistance levels lie at 132.90/00 and 134.00. Support levels are 132.80 and 132.45/60
It was all about forex market's today's position. And the trend index was slightly bearish.
In case of confirming decline below 88.65 (Nov 19 and 20 low), next support levels lie at 88.35 (Oct 9 low) and 88.00 (Oct 7 low). On the upside, resistance levels lie at 89.00 (session high), and above here, 89.15 (Nov 20 high) and 89.50 (Nov 18 and 17 high).
EUR/JPY bounced at 131.85 low on early Asian session, right above key support at 131.75/80, and the pair rallied through the session to reach 132.85 high. Resistance levels lie at 132.90/00 and 134.00. Support levels are 132.80 and 132.45/60
It was all about forex market's today's position. And the trend index was slightly bearish.
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