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USD/JPY follows the DOW down |
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Thursday, 23 October 2008 15:26 |
Still attached at the hip to the DOW, the USD/JPY is following the DOW down. The 95.74 low from 3/17/08 is sure to come under fire today or tomorrow. This will test the lowest point the USD has been against the JPY since 1995. Once this area gives, the bottom at 79.70 is considered next up. This low was from April or 1995.
Putting the DOW and the USD/JPY in the same boat and drawing a comparison together, you could say that sub 8000 on the DOW looks plausible if this pair takes out 95.74 and heads for the all time lows. Draw your own conclusions about what a DOW at sub 8000 means to the broader economy.
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Last Updated on Monday, 27 October 2008 09:37 |