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US Dow Jones Industrials Average Declines Could Lead to USDJPY Weakness
Tuesday, 16 September 2008 21:21:56 GMT
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The US Dow Jones Industrials Average fell sharply in the moments following the US FOMC Rate decision, but a seemingly counterintuitive reaction saw the Dow trade to fresh daily highs in ensuing price action. The index subsequently stalled at key intraday resistance at the 61.8 percent Fibonacci retracement of the 11252-10723 move at 11050. A continued intraday Dow pullback could prove bullish for the Japanese Yen (negative for the USDJPY), which remains strongly correlated to the US Dow Jones and other key risky asset classes.
US Dow Jones Industrials Average
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