Yen Making A Move On The Crosses

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Yen Making A Move On The Crosses

By Greg Michalowski on June 16, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

In rather swift fashion as the comments continue in favor of the USD once again this Asian trading day from Finance Minister Yosano, the Yen is the one that has began a strong move against the Sterling and Euro with the Nikkei opening 2% lower and US equity futures also lower. The GBP/JPY has broken the 200 hr moving average, which has supported the pair repeatedly over the last month.

gbpjpy

And the EUR/JPY pair has also fallen dramatically off 4.5 big figures since the start of the trading week 28 hours ago, and has broken 4-200hr moving average as it approaches the 50% retracement from the move the pair made in May.

eurjpy

These moves on the crosses have hurt the USD/JPY pair, although it has traded down to the 200 day moving average which has been strong support and the pair has held that important level.

usdjpy2

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