Dollar Drops Further Versus Yen

08/03/2010 2:05 pm EST

Focus: FOREX

Thomas Aspray

, Professional Trader & Analyst

chart
Click to Enlarge

The dollar has continued to decline versus the yen as it is now close to the late-2009 lows at 84.91. This long-term chart shows the dollar’s slide from the 2007 high at 124 yen per dollar. Before the Japanese stock market crashed, it was as high as 300 yen per dollar. There are Fibonacci projections just below 85 and then further at 78.50. The strong yen will not help Japan’s economy recover because it will limit exports.

Tom Aspray, professional trader and analyst, serves as video content editor for MoneyShow.com. The views expressed here are his own.

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