Discussion in 'Forex' started by AceTraderFX, Nov 6, 2007.

  1. Updating time : 06/11/2007 23:51 GMT

    USD/JPY - 114.73...Despite weakness to 114.02 on Monday caused by active unwinding of yen carry trades due to selloff in Asian stock markets, y'day's broad-based rebound in Asian shares lured back investors to sell yen against other high yielders, suggesting further choppy trading abv 114.02 wud be seen initially in Asia.

    Having said that, dlr's weakness vs other major currencies suggests downside bias remains n as long as previous res area at 114.82/97 holds, early erratic fall fm 115.93 shud resume n below y'day's low at 114.26 wud signal decline has resumed n yield subsequent headway twd 112.77, however, a breach of Oct's low at 113.25 is needed to confirm the major fall fm 07' high at 124.14 has finally resumed.

    On the upside, abv 115.00/05 wud abort present bearish scenario on dlr, as such a move wud indicate a stronger retracement of the aforesaid fall fm 115.93 has taken place, then risk is seen for possible gain twd 115.44 but reckon 115.93 wud remain intact n yield further choppy sideways trading...