Forex Technical Update 9.17.2010 - Japanese Yen after Intervention

Forex Technical Update 9.17.2010

The Japanese yen started the week mainly strengthening. Wednesday's intervention pressured the currency. As we will see, most yen-crosses are still within bearish or at most ranging context. The GBP/JPY, EUR/JPY, AUD/JPY, and CAD/JPY and USD/JPY are all ranging or bearish. The CHF/JPY pair is the only one with a bullish outlook. Therefore, the market might not respect the intervention and may want to test the pre-intervention level. Let's see what the charts say.

Fan Yang CMT
www.fxtimes.com