USD…..
Today we will re-examine the USD/JPY after November saw the biggest monthly drop this year. A lot has happened in the last week with the biggest news being the debt crisis at Dubai World. The dollar remains weak after a Dubai’s banks eased investors’ concerns with more liquidity for the market.
USD/JPY fell to 86.03, the lowest level we have seen for some time.
Technically speaking we have broken through the previous low for the year of 87.12 the downside still looks favourable. The 50, 100 and 200 day moving average are all trading below each other respectively. One possible positive sign from this graph is the long shadow on the candle for the 27th November: this long lower shadow shows that people are still going long here however it is too early to see signs of a reversal.
This market still remains in a strong down trend.
Today we will re-examine the USD/JPY after November saw the biggest monthly drop this year. A lot has happened in the last week with the biggest news being the debt crisis at Dubai World. The dollar remains weak after Dubai’s banks eased concerns with more liquidity for the market.
USD/JPY fell to 86.03, the lowest level we have seen for some time.
Technically speaking we have broken through the previous low for the year of 87.12. The 50, 100 and 200 day moving average are all trading below each other respectively: the downside still looks favourable. One possible positive sign from this graph is the long shadow on the candle for the 27th November: this long lower shadow shows that people are still going long here however it is too early to see signs of a definitive reversal.
This market still remains in a strong down trend.
This entry was posted
on Tuesday, December 1st, 2009 at 12:43 am and is filed under General, Technical Analysis.
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