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Massive Drops - Extreme Yen and Dollar Moves

Posted on October 24, 2008 at 13:50 in Analysis by James Chen

Across the board as of Friday morning, key currency pairs have dropped massively and mercilessly. This includes EUR/USD, GBP/USD, AUD/USD, USD/JPY, GBP/JPY, and EUR/JPY, among others. Huge movements occurred in the direction of JPY and USD strengthening before prices finally exhausted themselves for the time being and retreated from their extremes. In the process, numerous support levels were summarily tossed aside. While the extreme bearish price action that has occurred in these pairs is most likely done for the week, the big question is whether downward momentum will continue next week or if the bears have finally exhausted themselves. More price action updates to come as the markets digest the carnage that has occurred.

3 Responses to “Massive Drops - Extreme Yen and Dollar Moves”

on 25 Oct 2008 at 11:01 pm1Eric Lambert

I would appreciate it very much if you could please update us on Sunday or early Monday Am if you happen to see any new info or chart stats that might give us some insight to what we might expect as of start of next week beginning on Monday October 27th.

Thank You,

Eric Lambert
on 26 Oct 2008 at 5:19 pm2Aburenadfx

So What is your opinion, do you think it will continue the downward trend for EURUSD and GBPUSD?

Thanks
on 27 Oct 2008 at 12:50 pm3James Chen

Hi Eric and Aburenadfx,

Thanks for your email. It is around the opening of New York session on Monday. I will post analysis very shortly. Thanks!

- James

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3 Responses to “Massive Drops - Extreme Yen and Dollar Moves”