Intraday Market Thoughts @ 05:22 ET

By IBTimes Staff Reporter | September 16 2009 5:50 AM

FX markets once again shift to the dual play of USD weakness and yen strength, sending USDJPY to fresh 7-month low of 90.14. JPY strength is also dragging down GBPJPY to 2-mth lows at 148.67, calling for 147.15 as the next target. UK unemployment hit a fresh 12-yr high of 5%. While USDJPY and GBPJPY are testing key support levels, EURJPY is increasingly showing more downside ahead, with 132.20 and 131.70 as the next focal points. USDCAD aims for the 1.0635 low as oil awaits todays EIA inventory data. US CPI & US Industrial production due next.

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