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FX Headlines: Dollar, Yen Take Bids as Safe Havens as Japan Nuclear Crisis Worsens

FX Headlines: Dollar, Yen Take Bids as Safe Havens as Japan Nuclear Crisis Worsens

2011-03-15 13:15:00
Christopher Vecchio, CFA, Sr. Currency Strategist
Share:
FX_Headlines_Dollar_Yen_Take_Bids_as_Safe_Haven_as_Japan_Nuclear_Crisis_Worsens_body_Picture_4.png, FX Headlines: Dollar, Yen Take Bids as Safe Havens as Japan Nuclear Crisis WorsensFX_Headlines_Dollar_Yen_Take_Bids_as_Safe_Haven_as_Japan_Nuclear_Crisis_Worsens_body_Picture_1.png, FX Headlines: Dollar, Yen Take Bids as Safe Havens as Japan Nuclear Crisis WorsensFX_Headlines_Dollar_Yen_Take_Bids_as_Safe_Haven_as_Japan_Nuclear_Crisis_Worsens_body_Picture_7.png, FX Headlines: Dollar, Yen Take Bids as Safe Havens as Japan Nuclear Crisis Worsens

Fundamental Headlines

Kan Seeks Calm as Japan Tries to Contain Meltdown, Panic Buying - Bloomberg

Treasurys Surge Following Nikkei Plunge - CNBC

Fed’s Next Steps Divide Economists as Asset Purchases Slow - Bloomberg

Bahrain Declares State of Emergency – Financial Times

Nasdaq Sounds out Bankers on NYSE Bid – Financial Times

USDJPY: The USD/JPY pair remains the most quizzical trade over the past few days considering the events in Japan. As the Dollar has gained against its other major counterparts – mainly the Australian Dollar, Canadian Dollar, and Euro – it remains unable to gain against the Yen. Seemingly, even as the country’s equity markets fall into a tailspin, investors find the Yen as the best outlet for safe haven. Our focus remains on the USD/JPY pair over the next month given the parallels to the 1995 Kobe earthquake.

Taking a look at price action, key support at the 23.6 Fibo retracement on the September 17 to November 5 move has been broken. Now, with the pair nearing the bottom of its descending channel from mid-November, a break below 80.500 appears to give way to a clean fall through 80.000. Currently, the USD/JPY pair is sitting just below 81.000 after touching the range bottom at 80.570.

Written by Christopher Vecchio, DailyFX Research.

To contact the author of this report, please send inquiries to: research@dailyfx.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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