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December 24, 2007

USD/JPY breaks its downtrend line!

Just a quick note while off for the holidays....

USD/JPY breaks its downtrend line on the daily, 1 year chart. The pair is heading higher on the back of U.S. equities recovering a bit today.

Let's see if it can hold it.

So far, the year end rally has been in the favor of the USD (dollar) vs. the EUR (euro).

So there's been huge dollar buying across the board as I've been mentioning for quite some time now.

While there will be a pull back along the way, I do expect this dollar bounce to continue further afterwards. Click on the chart to enlarge it.

Usd_jpy_breaks

Sean Hyman
Editor/Trader, www.money-trader.com

Posted at 12:14 PM in US Dollar |

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