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Euro Yen - EURJPY Trades Range
By Rox Sweetman | October 9, 2008
Banking crisis - the scourge of the financial market in recent weeks of trading also opened an avalanche of soaring rises for the Japanese yen’s JPY value across board. As nations continues to inject cash into their banking system is this the end of the road for the soaring rise?
Today’s morning trade saw a continuation in the euro yen EURJPY daily range trading set within the 135.00 - 140.00 established on Monday and in the last few days of trading sessions. As the chart indicates, we see these levels holding in the short term until traders could figure out details of the recent governments intervention.
EURJPY Trades Range
Yesterday, we experienced a synchronized global rate cuts triggered by the Australian Government which eventually resonated through with other governments following suite.
With the Japanese government having no room to manoevre on rate cuts she inject two trillion yen into her banking system. As a trader, I could see many other market players standing aside on the waiting game. At the moment most traders are evaluating every whims of the news for details of these cash arrangements into the market.
However, the money markets remained virtual paralysed as state intervention cash have not started filtering through yet. But in the mean time these assurances seemed to have bulked the sliding trend for now which lead us to believe that a bounce might just be around the corner.
In this market conditions, anything is possible therefore protect your capital first. Whatever you do trade with caution and have a great day.
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