Asia Forex Nearing Major JPY Resistance

October 2004 | Market Strategy

As we mentioned a few weeks ago (see 15 September 2004, Asia Forex: Can The Rally Last?), Asian currencies have enjoyed strong gains of late, with many having surged to multi-week or even multi-month highs against the US dollar. Significantly, Asian currencies have been appreciating much faster against the yen since the start of September in particular, and more broadly, since the beginning of 2004.

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