Monday, February 18, 2008

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The Japanese Yen (JPY) -fell earlier after the Bank of Japan voted unanimously on Friday to keep interest rates unchanged at 0.5 percent, as expected. With Governor Toshihiko Fukui citing the decision on the back of inflationary risks remaining low. The JPY capped its losses on the back of poor manufacturing data out of the US, ensuring the USDJPY traded with a low of 107.22 and a high of 108.32 before closing the day at 107.67 in the New York session.
EUR/USD-The key Fibonacci level of 1.4660 was breached on the 4 hour chart indicating that locally the momentum is still strong. The daily chart is showing a bearish cross forming on the slow stochastic which implies on a possible bearish correction if validated. Taking positions for the short term might be a preferable strategy today...

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Forex.DelijaWorld.com

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