what are the chances yen trades thru 87

Discussion in 'Forex' started by billyjoerob, Jul 15, 2010.

  1. According to Dailyfx, high pessimism on the yen among retail traders . . Currency also trading through important levels . . . what are the chances it breaks to new levels soon? Or is the BOJ in the market buying dollars and will prevent too strong a currency?
  2. It depends on your outlook for global equities.
  3. I'm just looking at the chart . . . a break through 87 on USDJPY would be serious. Don't know about global equities.
  4. The last time the yen was this strong was back in 95 . . . lived in Korea at the time and the currency was on the news all the time. This is a stealth yen rally with heavy disbelief from the pikers at FXCM. Always worthwhile to bet against them, or so I'm thinking.
  5. Clearly, there's been quite a bit more pessimism about the dollar recently. BoJ isn't in the mkt buying dollars and I don't think intervention is likely any time soon.