Intraday Market Thoughts

Archived IMT (2009.11.26)

by Ashraf Laidi
Nov 26, 2009 23:56

YEN's PERFECT STORM as the Japanese currency soars on a combination of unexpected decline in Japanese unemployment and falling equity futures following the Dubai fallout. USDJPY HIT 84.84, AUDJPY drops 200 pips in 55 mins to 76.55, EURJPY down 300 pips below 127 and GBPJPY tumbles by 500 pips to 139.59. We warned our readers incessantly about emerging yen strength (it happened in each of the last four Fridays) and the Dubai fallout will intensify these declines. USD strength also emerges but not to the same extent as JPY. FOLLOW US ON TWITTER FOR HIGHER FREQUENCY TRADING twitter/ Expect brief yen weakness on Japanese comments and the open of the Nikkei. KEY SUPPORT AUDJPY at 76.30, EURJPY supported at 79.40


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