Archived IMT (2008.10.17)

USDJPY hovers between 101.40 and 101.70s still failing to breach 102. GBPJPY, EURJPY have yet to test major resistance levels at 185 and 144 yen. Option expiration is fuelling the intraday swings. Stock indices are finally staging an up week after 8 consecutive weekly declines. Yet this was the week markets had been expected to stage a recovery after last weeks rate cuts and collective government packages to buy back bank debt and equity stakes.