Daily Foreign Exchange commentary by FXstreet.com's Advisor. FXstreet.com is the leading independent portal dedicated to the Foreign Exchange (Forex) markets.

Visit Advisor Weblog

More technical

Posted on July 01, 2008

Japanese Yen continues to recover all across the board, helped by better than expected Tankan reading yesterday (in fact, the survey showed that manufactures expectations for the economy have continued to deteriorate, yet not as bad as the market was expecting). In hourly charts, we can see a triangle, announcing a probable continuation to the down side, if the pair breaks the key support level around 105.50: the continuation will find a first support around 105.20 before breaking down to the zone around 104.90. A failure in the base of the triangle, will send the pair to the congestion zone...

Original article link


yen