Dollar Accelerates Against Yen
Posted by Edward Dy on May 30th, 2008
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Photo Credit: Prof. Chaos
The US dollar is approaching a rate of 108.62 yen. It’s just a matter of time before it closes beyond what is called resistance at 105.70 yen that will allow the US currency to attain a three-month high versus the Japanese yen, as reported by Citigroup Global Markets Inc.
As shown by Citigroup’s chart, the 108.62 yen resistance level pertains to February 14 high. This is quite near the vicinity of the 200-day moving average, which is at 108.75 yen today.
What is resistance at 105.70 yen? This simply pertains to Citigroup’s May 2 high chart reading. Resistance is where you cluster or group together sell orders.
This week, the US dollar strengthened by 2.1 percent to 105.56 yen. Since April 18, this was the currency’s biggest ever gain in a week’s time. Yesterday, the US dollar was able to attain 105.87. As regards monthly gain, the US currency, since April, has risen by 1.6 percent.
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