Start your Binary Trading income NOW!!!

Sponsored by Nuffnang.com

Thursday, November 30, 2006

Yen Outlook (30th November 2006)

The JPY crosses continued to have a large influence on price action. EUR/JPY scaled the previous high to record a new high of 153.49. This was the fifth consecutive session of new highs, following ongoing and steady interest to sell JPY against the high yielders.

GBP/JPY, AUD/JPY, NZD/JPY all performed well, holding onto firm levels. In contrast, USD/JPY spent another session caught up in the range, with backdrop dollar weakness being offset by steady JPY selling via the crosses. USD/JPY fell below 116.00 in early Europe amid good US name selling but soon regained its poise amid real money demand and bid interest from short-term speculative accounts. Interest rate developments continue to influence price action and this will drive sentiment into the weekend. The US session sees a run of key data, with personal income PCE deflator and Chicago PMI anticipated.

Tomorrow sees the release of Japanese CPI, which may shed more light on the Japanese outlook. Levels to watch for the market remain the 153.50 barriers in EUR/JPY and USD/JPY will favour the range while we trade inside 115.30 and 116.60.

No comments: