The USD/JPY pair fell on Wednesday as the central banks of the world have struck a coordinated play on driving the cost of borrowing Dollars down for some of the larger banks.
Expectations for the meeting of the EC Ministers of Finances pushed euro up.
The Dollar Index is trading at the previous resistance zone of 79.50 from where it sold off to 74.50 ranges during October. Major trend is range bound between 73.40 and 81.20 where as the medium trend is...
The USD/JPY pair fell during the Tuesday session as the recent surge ran into the 78.50 resistance area. The pair is undoubtedly in a downtrend, and this looks to remain the case until we can get over...
Today the demand for the Government bonds of European countries showed a significant increase.
Market review for 21 – 25.11, 2011
The strong rise in the USD/JPY on Friday was certainly impressive, and many traders would probably feel fairly good about buying this pair at the moment as the Dollar is quickly becoming the currency to own overall.
We continue to hold a bullish bias on the pair over the middle term.
USDJPY is forming a sideways consolidation in a range between 75.57 and 79.52. Another rise to test 79.52 resistance would likely be seen in a couple of weeks.
Fears of the world economy sliding down into a recession supported the dollar.