US Dow Jones Industrials Average Declines Could Lead to USDJPY Weakness.Summary: The US Dow Jones Industrials Average fell sharply in the moments following the US FOMC See Federal Open Market Committee. FOMC See Federal Open Market Committee (FOMC). Rate decision, but a seemingly counterintuitive coun·ter·in·tu·i·tive adj. Contrary to what intuition or common sense would indicate: "Scientists made clear what may at first seem counterintuitive, that the capacity to be pleasant toward a fellow creature is ... reaction saw the... The US Dow Jones Industrials Average fell sharply in the moments following the US FOMC Rate decision, but a seemingly counterintuitive reaction saw the Dow trade to fresh daily highs in ensuing price action. The index subsequently stalled at key intraday resistance at the 61.8 percent Fibonacci retracement Fibonacci Retracement A term used in technical analysis that refers to the likelihood that a financial asset's price will retrace a large portion of an original move and find support or resistance at the key Fibonacci levels before it continues in the original direction. of the 11252-10723 move at 11050. A continued intraday Dow pullback could prove bullish for the Japanese Yen (negative for the USDJPY), which remains strongly correlated to the US Dow Jones and other key risky asset Risky asset An asset whose future return is uncertain. classes.US Dow Jones Industrials Average Look for trading signals that favor Japanese Yen strength on our Forex Forex See: Foreign exchange Buy/Sell Signals on DailyFX+ and be sure to monitor any updates on these specific signals, as our automated forex signals can and do change on a daily and intraday basis. For more information and guides on using our DailyFX Buy/Sell Signals, see our Weekly Forex Trading Strategy Outlook report. 2008 Al Bawaba (Albawaba.com) Provided by Syndigate.info an Albawaba.com company |
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