International Forex Inforamtion

Japanese yen remains firm in early US session as risk aversion continues to dominate the markets. Yen's strength is seen across the board and in particular against AUD, GBP and NZD. Some stabilization is seen in early US session after release of stronger than expected ISM non-manufacturing index. However, today's sharp fall in yen crosses still carry some technical significance as the medium term trend line support are finally taken out in EUR/JPY, GBP/JPY and AUD/JPY which is building up the case for medium term rally in yen. Major global indices including Nikkei, FTSE 100, DAX, CAC 60, are down over 1% on concern of sustainability of recovery in the economy. Dow opens lower in early US session and dives to as low as 8211 level but recovers mildly. Nevertheless, the break of head and shoulder neckline support in Dow does suggest more downside ahead. Crude oil also falls to as low as 63.4 so far and remains pressured.