DislikedYes, after this 3 wave correction ends which could extend above to 192 on a break above 181.40. . .
If price break thru 192 on a Holiday rally (Thanksgiving/Xmas) then 197/199 should be toppy for the pair. . .
Right now price seems to be basing for the shor-term based on the weekly close but that could change next week when Ben Bernake takes the stage
Stay Tuned. . .
Worth Reading
http://www.actionforex.com/fundament...2008101864903/
Japanese Yen Forecast Remains Bullish on Financial Market Stress Fundamental Forecast for Japanese Yen: Bullish
- Japanese Yen Plunges Against Australian dollar on Return To Risk
- US Recapitalization Plan Fails to Sink Risk-Friendly Japanese Yen
- Japanese Demand Falters, Stokes Recessionary Fears
The Japanese Yen was one of the few currencies to lose against the US dollar through the past week of forex trade, as a marginal improvement in global risk sentiment and the US Dow Jones forced pullbacks in the Japanese currency. Yet the recent lull in financial market stress hardly suggests that the worst is over for global equity markets. We maintain our fundamentally bullish bias for the Japanese Yen, as cursory look at key credit and equity market indicators shows that conditions are far from normal. The spread between 3-month US Dollar London Interbank Offered Rates (LIBOR) and 3-month US Treasury Bills remains at an astounding 362 basis points. Prior to the onset of the subprime crisis in 2007, this same Treasury-Eurodollar spread averaged below 40 basis points. It remains all-too-clear that recent central bank actions have not yet forced significant improvements in interbank lending markets, and this will continue to raise borrowing costs and crimp corporate earnings through the foreseeable future.
Ignored
If anyone is interested, I write a blog...
http://fxtradingguide.com/blog/