Archived IMT (2009.06.15)

While both the dollar and the yen outperformed in todays market selloff, the yen gained the upper hand across the board, suggesting prolonged gains to come in the Asian session against the Aussie, euro and Kiwi. The 300-pip decline in EURJPY was a cogent reflection of increasing worries about toxic dent in Eurozone banks. It is rare that a daily decline in EURJPY of such magnitude was not followed by further losses in the next day. Prolonged losses towards the 133.30s may unfold as are those in USDJPY towards 97.40s.