Archived IMT (2009.02.13)

The weekend's G7 meeting will be scrutinized for whether JPY will be mentioned in the officical Forex Communique as was the case at the Oct meeting when the communique stated that "recent excessive volaitlity in the exchange rate of the yen and its possible adverse implications for economic and financial stability". If markets were unable to stem yen gains after that meeting, then they're unlikely to do so now. S&P500 5-hour chart dragged in a double head-and-shoulder formation as bears target a close below 820 amid the negative MA cross over between the 5 and day MAs.