Friday, October 9, 2009

Yen Leads the Way Down


Keep an eye on that trendline, against this mornings lows.      
From Mon. 10/5:
"The Yen is much less of a component in the DX but appears to have 5 waves up with some evidence of topping. Additionally it is famously responsive to Japanese intervention. :

Oct. 5 (Bloomberg) -- Japanese Finance Minister Hirohisa Fujii issued his clearest warning yet that his nation is open to intervening in the currency market even as the Group of Seven declined to criticize the tumbling dollar.
“If currencies show some excessive moves in a biased direction, we will take action,” Fujii said Oct. 3 in Istanbul after a meeting of G-7 finance ministers and central bankers.

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