Archived IMT (2010.07.26)
YEN RALLIES across the board, unwinding some of last weeks losses; USDJPY fails to break 87.70 50% retracement of the 89.13-86.28 decline, now eyeing 86.80 prelim support; US June new home sales. CADJPY continues to turn the corner, eyeing 83.40s from the current 84.00s after having failed the 61.8% retracement at 84.60s. Thus, although USDCAD is showing a highly uncertain wedge; theres potential for a clearer retreat in CAD vs JPY. US June new home sales due later today. In the event of improved risk appetite, GBPUSD and is seen retesting $1.55; EURUSD at 1.3030s.
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