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Sometimes, trying to find a top or a bottom, it nos just a matter of technical analysis alone. Japanese yen is one of my favorite currencies to trade, and I’m just taking notice of a possible intervention of Japan authorities, in order to deal with the finnacial crisis. Here’s the link to the Japanese newspaper:
http://mdn.mainichi.jp/mdnnews/news/20081027p2a00m0na015000c.html
From a technical perspective, the pair is right now fighting the 94.00 level, after breaking a descendant trend line in 4 hours charts, @ 93.54. Where we also have the 23.6% of the last fall in daily charts. If the pair pullbacks there and the support holds, chances to the upside get stronger, targeting the zone around 95.30 in the next 24 hs.
