Forex Trading: JPY Bulls Take A Breather

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Forex Trading: JPY Bulls Take A Breather

By Greg Michalowski on December 2, 2008 | More Posts By Greg Michalowski | Forex News By FXDD

As European equities push near session highs (the FTSE and CAC still in the red however), the JPY has trimmed some of its earlier gains. This comes behind the DJIA (^DJI) falling over 8% as a US recession was confirmed yesterday and major Asian equities dropping across the board today. Before the turn around in European equities, the USD fell to a five-week low vs. the JPY while the GBP broke November’s low vs. the JPY and hit a level not seen since 1995. Dow futures are currently up near session highs in a volatile overnight thus far for them as it seems the JPY direction will continue to follow this equities trend.

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