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USD/JPY Glides Lower Amid Weakness in U.S. Equities

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The USD/JPY hovered below our 1st tier uptrend line earlier today as we witness a broad-based selloff in riskier investment vehicles. Investors have indicated a preference for the Yen over the Dollar when heading for safety, meaning the USD/JPY could experience a positive correlation with U.S. equities should present weaknesses…

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November 22nd, 2009 at 4:19 am

GBP/USD Sells Off Sharply to Psychological 1.65 Zone

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The Cable is undergoing an intense pullback today, dropping beneath all of our previous uptrend lines along with 11/12 lows. The Pound is getting hit by a report from Nationwide and an analyst poll from Bloomberg implying Britian’s housing recovery may be overdone and analysts are expecting a pullback in…

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November 22nd, 2009 at 4:19 am

EUR/USD Pulls Back with U.S. Equities

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The EUR/USD briefly traded beneath 11/17 lows before stabilizing as we witness a broad based strengthening of the Dollar in reaction to a dip in the S&P futures below their psychological 1100 level. The wave of disconcerting data points from the past couple weeks appears to finally be taking its…

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November 22nd, 2009 at 4:19 am

EURGBP: Corrective Recovery Momentum Intensifies

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A third-day of upside strength currently seen continues to propel the pair higher following its break and hold above the 0.8896 level on Thursday. It was seen testing its daily 50 ema as at the time of this writing. This development should set the tone for further upside towards the…

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November 22nd, 2009 at 4:19 am

Posted in Technical Analysis Reports

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Technical Analysis Daily: USD/JPY

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Dollar/Yen made an indecisive movement on Thursday, forming divergence on the 3 hour chart, than continued descending from the 89.44 top, closing the day at 88.95. On the 1 hour chart quotes made unconvincing break above 89.40, which indicates bulls’ weakness. Therefore our preferable scenario for now is downwards. Middle…

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November 22nd, 2009 at 4:19 am