USD/JPY glides lower amid weakness in U.S. equities

20 November 2009 @ 01:03 pm EDT

The USD/JPY hovered below our 1st tier uptrend line earlier today as we witness a broad-based selloff in riskier investment vehicles. Investors have indicated a preference for the Yen over the Dollar when heading for safety, meaning the USD/JPY could experience a positive correlation with U.S. equities should present weaknesses accelerate. However, today's losses in the USD/JPY have been mitigated, and the currency pair is back above our 1st tier uptrend line as the S&P futures try to stick close to their psychological 1100 level. That being said, investors may want to keep an eye on the S&P's interaction with 1100 since any significant technical setbacks have the potential to yield further losses in the USD/JPY.

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