Tuesdays Strategy for YEN:
BOJ Interest rate decision is tonight and thier Zero interest policy wont move the market this time either.
Wednesday Japan is closed and ECB President Trichet is to testify before European Parliament on Monetary Policy. As the europeans are not a friend of lower yen, some comments from trichet could put the yen in pressure-most likely as tokyo is out of action and the yen trading level would be very thin.
--> So the uptrend remains intact as long as price is above 116.90 first minor Support for test of 117.80 in near term and 118.50 target over tuesday and wednesday. On downisde, below 116.90 may turn price back towards 116.23-20 Asia lows.
editor: pintu lund
BOJ Interest rate decision is tonight and thier Zero interest policy wont move the market this time either.
Wednesday Japan is closed and ECB President Trichet is to testify before European Parliament on Monetary Policy. As the europeans are not a friend of lower yen, some comments from trichet could put the yen in pressure-most likely as tokyo is out of action and the yen trading level would be very thin.
--> So the uptrend remains intact as long as price is above 116.90 first minor Support for test of 117.80 in near term and 118.50 target over tuesday and wednesday. On downisde, below 116.90 may turn price back towards 116.23-20 Asia lows.
editor: pintu lund
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