ForexPros Daily News October 7, 2010


ForexPros Daily News October 7, 2010

Forex - USD/JPY tumbles to new 15-year low as intervention sidelined

Forex Pros – The U.S. dollar tumbled to a fresh 15-year low against the yen on Thursday, as the threat of renewed Japanese intervention was sidelined ahead of Friday’s Group of 20 Washington summit.

USD/JPY hit 82.25 during European morning trade, the pair’s lowest since May 29, 1995; the pair subsequently consolidated at 82.39, tumbling 0.64%.

The pair was likely to find support at 80.75, the low of April 20, 1995 and resistance at 83.26, Wednesday’s high.

Japanese intervention ahead of Friday’s meeting of financial ministers and central bankers from the G20 nations would create difficult questions for Japanese authorities, forcing them to explain that they are not just pushing the yen lower to gain a trade advantage against other nations.

The yen was also up against the euro, with EUR/JPY shedding 0.24% to hit 115.23.

Later in the day, the U.S. was to release key weekly data on initial jobless claims.


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