Daily Analysis Japanese Yen
iFOREX | Dec 17, 2008 07:00PM ET
The USD/YEN saw a dramatic fall overnight. After remaining bearish for most of Tuesday the market reacted dramatically to the Fed’s announcement, plunging to ¥88.5 and continuing to fall. With the US now having rates lower than that of Japan the yield has turned negative weighing on the pair going forward. USD/JPY traded a relatively tight ¥88.24-¥89.22 range with offering interest strong above ¥89.00 and bidding interest still ahead of ¥88.00-10 support, ¥88.10 the spike low seen Friday and 88.00 a presumed option barrier level. JPY crosses moved to and fro, shifting allegiances between USD/JPY moves and EUR/USD and other pairs against USD. Most did look better bid though well below highs seen post-Fed. EUR/JPY traded ¥124.69-125.45, GBP/JPY ¥138.17-139.06, AUD/JPY ¥61.42-62.06 and NZD/JPY ¥51.30-72.
| Support: | 87.30, | 86.70, | 86.00 | |
| Resistance: | 88.30, | 89.00, | 89.50 |
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