Forex Market Outlook 30 Nov. 2009

[Femi]

Dealer's comment: USD/JPY

USD/JPY started down today. The greenback failed to return above the support at Y87 broken before that showed strong interest in sell from systemic accounts and short-term players. During Asian trading, the US dollar smoothly fell to the level at Y85.85, but at present the American currency sharply rebounded up and now is trading at Y86.50 that dealers connected with liquidation of bearish positions on statements of Japanese official persons intending to prevent national currency strengthening.

However verbal interventions as usual remain not enough to substantially change situations on the currency market, and interests in sell on growth stay. Offers are near Y86.80/85, at the same time main concentration is at Y87.00/05. Dealers warn that above this level, there are stops. Breakup of the figure could cause more active rebounce of the dollar toward Y87.20/25 and Y87.40/50, then to Y87.80.

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SAXO bank - www.saxobank.com
IFC Markets - www.ifcmarkets.com
FOREX club - www.fxclub.com
FOREX solutions LL - www.fxsolutions.com
i-securities - www.i-securities.org

[anna575]

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