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Posted by Monitor on December 27, 2008, 8:43 pm
Dollar May Decline to 84 Yen, Bank of Tokyo-Mitsubishi UFJ Says
Dec. 26 (Bloomberg) -- The dollar may fall to around 84 yen based on
trading patterns, according to Masashi Hashimoto, a currency analyst
at Bank of Tokyo-Mitsubishi UFJ Ltd. in Tokyo.
The currency may weaken to 84 yen on a decline below so- called
support at the five-day moving average of 90.27 yen, Hashimoto said.
The currency also may extend its 19 percent loss against the yen this
year after a failure to rise above so- called resistance at the 21-day
moving average of 91.59. The greenback triggered a triangle formation
in December that targets the 84 yen level, he said.
=93The 21-day moving average has been weighing on dollar-yen since
yesterday, so it may break below=94 90.27 yen, Hashimoto said. =93The
target of the triangle that had been triggered is around 84 yen.=94
The dollar traded at 90.42 yen as of 2:05 p.m. in Tokyo from 90.38 yen
late in New York yesterday. The 84 yen level was last traded in July
1995. The U.S. currency reached a record low of 79.75 yen in April
1995.
In technical analysis, investors and analysts study charts of trading
patterns and prices to forecast changes in a security, commodity,
currency or index. Resistance is where sell orders may be clustered,
while support is where there may be buy orders
http://www.bloomberg.com/apps/news?pid=3Dnewsarchive&sid=3DaYiybgVHen10
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