Dollar Yen rally to 77.25 met with selling interest - Forex Trading Update

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by: fxsolutions
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Date: Thu, 22 Sep 2011 Time: 2:56 AM
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Chris Advincula, Market Analyst at FX Solutions (http://www.fxsolutions.com/), provides online forex traders with an overview of currency market activity on 1st September June 2011, including news of a rally for Dollar Yen.

"Dollar Yen rose to 77.25 in the Asian session, however it was met with much profit-taking and late yen buying to 76.80. H 77.25 L 76.55 Range 70-pips.

Euro Yen rose almost 100 points to 111.97, and the low was 110.00. It seems any new highs made on the yen crosses will be met with eager yen buyers.

On an interesting note, the Japan Min of Finance said that the government sold 4.51 trillion yen ($59 billion) in the month of August on the intervention process. By comparison, last March the joint G7 intervention sold only 692.5 billion yen.

China's CFLP Purchasing Managers's Index for Aug came out close to flat at 50.9% compared to 50.7 in July. There was muted response to the yen crosses on this data.

The 30-day exponential moving average peaks at 76.95 and is now at 76.85."

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