Wednesday, April 15, 2009

USD Yen rally might be turning

usd yen 240 mins 14.04.09 The pair has broken through the upward parallel channel which it had been for last 2 weeks. Further, after the break we’ve also seen a lower top. The downmove itself is developing in a parallel channel and is currently near the bottom end of the channel.  A small push to the upside might be seen from here. That should be sold into. We might see the longer term downtrend resume here onwards.