Wednesday, February 6, 2008

What's Happen on Forex Market...

Hi Traders

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The Japanese Yen (JPY) rallied against a number of majors as concerns surrounding the US economic slow down. As Asian stock prices closed lower, a flow on effect was seen on major European and US equity markets, ensuring the Yen was relieved of much of its role as a low funding currency. Overall the USDJPY traded with a low of 106.6and a high of 107.74 before closing the day at 106.73 in the New York session...
USD/JPY-The pair has traded in a tight range for a while with no distinct direction. The Bollinger Bands are getting tighter, and the 4 hour Slow Stochastic is showing a bullish cross. Oscillators strengthen the notion that if a sharp break will occur, it will most likely be bullish. Forex traders are advised to wait for the break and swing with it...

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