The yen strengthened a little more than I expected, buoyed not only by the expected weak payroll data and the subsequent weakening of the US stock markets, but also due to the simultaneous weakening of the European stock markets and its domino effect on the EUR and the GBP.
Expect the Yen to remain in this 117 range for the good now. ( Remember my forecast of 1st August?? To view it again, click here http://forexpredictionstoday.blogspot.com/2007/08/wanna-take-bet.html)
While there will be a great upward pressure on the USD/JPY pair, it may not cross 118 with conviction despite the heavy buying in it. Showing the 116 range is also is difficult today. Expect the Yen to do 117.40 to 117.75 for most parts while taking the occasional flight up to 118.00 and a few more down to 117.15 and eventually closing around that mark Japan time.
New direction to the markets?
11 years ago
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