Thursday, March 5, 2009

USDJPY under pressure as well


There is a report of Japan exporters taking advantage of the high USDJPY and are sellers in the USDJPY. Exporters to the US sell goods in USD and at some point have to sell those dollars and remit earnings into JPY. The 100.00 level has attracted more selling and we are now seeing an acceleration in the selling.

The pair is fast approaching the 100 hour MA which comes in at the 98.20 level. We will be watching the level this morning.

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