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US Dollar Continues to Give Way Against Japanese Yen

Currencies / Japanese Yen Oct 18, 2007 - 12:26 PM GMT

By: Mike_Paulenoff

Currencies The dollar is very weak in general today versus both the euro and even the yen, which could be a change of profile, as in a more generalized, global exodus out of the greenback that will get the attention of the G-7 monetary authorities. Be that as it may, today's up-gap in the CurrencyShares Japanese Yen Trust (NYSE: FXY) reflects yen strength as the currency heads for a test of the 114 Aug-Oct support line. Right now the dollar is trading at 115.60/65, and my work argues for downside continuation against the yen, which will lift the FXY over the 86.70 level on the way to 88.00 immediately thereafter.


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