Forex Technical Update 9/3/2010 - Japanese Yen Strengthens after Non-Farm Payroll

By Fan Yang

September 4, 2010 1:49 AM GMT

The Non Farm Payroll is traditionally watched for clues to the direction of the USD. However, although the USD gained some volatility after the economic releases this morning, it was the Japanese Yen that saw strong moves. The long tails of 4H candles in Japanese Yen crosses reflect this volatility. Let's take a look at the USD/JPY, GBP/JPY, EUR/JPY, AUD/JPY, CAD/JPY, and CHF/JPY. There might be a strong week ahead for the Japanese yen.

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EUR/USD Weekly Outlook

EUR/USD's decline extended further as expected as reached as low as 1.2496. The break of 1.2625 confirmed resumption of whole fall from 1.4939. Initial bias remains on the downside this week.

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