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Strategies & Market Trends : John Pitera's Market Laboratory
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To: nspolar who wrote (7890)5/24/2007 8:09:45 PM
From: John Pitera  Read Replies (2) of 33421
 
The biggest thing I see happening is that the JPY is in a really historic resistance area at the 121.50- 122.50. And most of the key currency crosses appear at intermediate term inflection points! And of course, inflection points in currency markets invariably lead to inflection points and changes in asset allocation models and other markets.

the 1.2150 1.2250 are has been the topping area of the USD/JPY on at least 7 distinct occasions since 2003. I believe that we will see the JPY again turn around and appreciate here. It would be extremely explosive to the currency markets if it went on to the 1.2300 - 1.2400 area. but It looks like we'll see the JPY strengthen in here.

and the crosses are all extremely extended against the JPY. Some very exponential potentially topping formations in the AUD/JPY. The CDN/JPY has just been going vertical and a meaningful pullback in several of these currencys that have been on bull runs the past several months and in many cases several years should be occurring.

We should have between now and Monday as a time window when some of the US politicians go a little balistic on China's failure to commit to an increase to the upward valuation of the RNB-YUAN.

You can just see the Lyrics of the Bob Dylan song coming into focus "Tangled up in Blue" ........... " and one day the ax just fell"

It seems reasonable that in this political season, we're going to see the rhetoric cranking up on this issue.

John
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