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Non-Tech : Bill Wexler's Trading Cabana

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To: ggersh who wrote (4957)	2/23/2009 7:50:10 PM
From: RockyBalboa	Read Replies (1) of 6370

Here´s some resistance ahead. Tells me they are early to sell into a trend (while they correctly book some profits after buying dollars cheaply). Yen Rises on Speculation Japanese Exporters Sell Dollars, Euros Email \| Print \| A A A By Yasuhiko Seki and Ron Harui Feb. 24 (Bloomberg) -- The yen gained on speculation Japanese exporters sold the dollar and the euro after the nation’s currency fell to the lowest at least in a month. The Japanese currency also advanced against the euro for the first time in five days as stocks declined on concern that a global recession will erode corporate profits, prompting investors to sell higher-yielding assets. “The dollar and the euro have come back to levels not seen in months” against the yen, said Akio Yoshino, chief economist at Societe Generale Asset Management Ltd. in Tokyo. “It is natural for Japanese exporters to sell these currencies to hedge their export costs.” The yen climbed to 94.36 per dollar as of 9:13 a.m. in Tokyo from 94.61 late in New York yesterday when it reached 94.95, the weakest level since Dec. 1. It was at 119.58 per euro from 120.10 yesterday, when it touched 121.93, the lowest level since Jan. 19.

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