00:22 GMT, Jun 18 2008
by Sean Lee from Sydney
Tags: aud/jpy, eur/jpy
The market is always right. The corollary to this is that I am usually wrong; especially when it comes to EUR/JPY. I though this cross would be back under 150.00 by now, after the G8 FX meeting of 4 months ago. I got that very wrong.
A break now above 167.70 will probably put some serious strain on any short positions left in the market. Additionally, AUD/JPY is now breaking above 102.00 technical resistance and that is one very expensive pair to be short.
There is also talk of large stops above 108.60 in USD/JPY and if they go off, it will be hard to pull the EUR/JPY up before 170.
Taken from : http://www.reutersfxhub.com
Wednesday, June 18, 2008
JPY Crosses Testing Resolve
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