USD/JPY Close to 1995 Lows
10/25/2010 1:52 pm EST
The dollar has continued to plunge today with a low so far in the cash at 80.44 USD/JPY, which is not far above the April 21, 1995 lows at 79.78. I remember that day well since I was trading the yen at the time, and the dollar did not stay down very long as in just four days, it had bounced back to 87.70. Since the Bank of Japan recently intervened with the rate below 83.00, it can’t be too happy now. The chart also illustrates why the break below support at 100 in March 2008 was so significant.
Tom Aspray, professional trader and analyst, serves as video content editor for MoneyShow.com. The views expressed here are his own.