02-Aug-2007

As I had told yesterday in my main blog of the day and I quote

"No, I dont believe the Yen would make a further dent on the 119.00 mark with any conviction, if any. It should be playing more in the 118.20-118.60 range for most parts while Japan is on work. Though expect a few fireworks by evening (Yen weakening I mean) when Japan also will be celebrating the Worlds biggest firework display at Tondabayashi, Osaka".

Unquote.

Also refer my next quote

"Expect the Yen to strengthen just a little more, the 117 range to be more specific"

The currency lived up to it literally. It first played in the 118.20 to 118.60 range for most parts and then broke down below 118.00 staying there for a good while before weakening again in the evening while the Tondabayashi pyrotechnics(Fireworks) were on. It briefly scaled up above the 119 mark but has since come back in the 118 range.

Expect the Yen to remain in the 118.40 to 118.80 range for the day. Though it may move upto 118.85 for brief spells. The lower cap should be 118.15 which might be hard to break and if broken, the next stop should be 117.78 followed by 117.15, though I dont believe 117.15 is scalable before tommorow evening. The upper cap is 119.24 and I have doubts on the Yen moving towards it.