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Strategies & Market Trends : World Outlook
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To: Don Green who started this subject12/17/2003 11:39:03 AM
From: Don Green  Read Replies (1) of 48927
 
BoJ Intervention May Work This Time by Jes Black

Since breaking trendline support at 115 yen the Bank of Japan's intervention measures have fought to sustain the dollar in the absence of any technical support. In the absence of any noticeable technical support traders have treated these efforts as an opportunity to fade the short-lived rally. But the BoJ's next try may be more successful as the dollar approaches key support at the 106-yen level. If this were to hold the dollar could easily rebound back to the 112.

With the dollar now approaching new 3-year lows against the yen, traders may be more inclined to side with the Bank of Japan as the dollar nears key support at 106. This would mark a departure from the past four months of fading each intervention attempt.http://www.forexnews.com/ai/default.asp?f=A20031216A.mgn
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