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S&P 500 Rallies 10 Percent Off Lows, Is Now the Time to Sell Japanese Yen?
Friday, 19 September 2008 17:07:04 GMT  |  David Rodriguez, Quantitative Analyst
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A significant improvement in financial market conditions has led to an impressive rally in global equity markets, with the US S&P 500 now over 10 percent off of its multi-year lows. A rally in the S&P and other major indices has likewise translated into a severe pullback in the Japanese Yen, with the east Asian currency now nearly 5 percent lower against the high-yielding Australian dollar and similarly weak against other risk-friendly currencies.

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Major Currency 1-Day Performance Against the Japanese Yen

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Our currency trading signals accurately caught many of these retracements in the Japanese Yen, and they currency signal that it may decline further against the British Pound, Euro, US Dollar, Australian Dollar, and Swiss Franc.

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Keep track of this USDJPY signal and others on our Forex Buy/Sell Signals on DailyFX+ and be sure to monitor any updates, as our automated forex signals can and do change on a daily and intraday basis.
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