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Japanese Yen Direction Depends Upon DJIA Holding Above Key Support
Friday, 24 October 2008 14:16:12 GMT
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The Japanese yen remains very strong across the majors, but whether it can gain further depends very much on US stocks. Focusing on the DJIA, the index has thus far held above the October 16 low of 8,197.67, while the next critical low sits at 7,882.51 (from October 10). If the DJIA holds above these points, the Japanese yen crosses will likely consolidate through the rest of the day. However, with the CBOE's VIX volatility index having hit yet another record high of 89.53 this morning (now trading at 80.12), there is potential for the DJIA to fall further, which would be bullish for the Japanese yen (as well as the US dollar).
Dow Jones Industrial Average (Daily Chart)
Source: Bloomberg
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