Friday October 31, 2008 - 13:05:01 GMT
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Forex Trading: USDJPY consolidating. Waiting on the next move
The USDJPY is consolidating in a range with a low floor at the 96.25 area and the high ceiling at the 99.00 area. The 100 and 200 hour moving averages are converging with the 100 hour moving average at the 96.58 level and the the 200 hour moving average at the 96.93 level. With the current price above the moving averages the bias remains to the upside. However, a break out to the upside (above 99.00) would be needed to get things hopping further.
Overnight, the BOJ did cut rates by 20 basis points, however, there was a split among the board with 3 members wanting a larger cut of 25 basis points and one wanting no change in rates. In the presss conference after the meeting BOJ's Shirakawa commented on how the stronger Yen has affected exports and and growth, that the globals crisis has had an impact since October and that rate cuts were intended to keep conditions accomodative.
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