After a terrifying late afternoon in New York and a renewed slide in Asia, markets are trying to pull themselves together. US equities are set to open up a few hundred points and Europe is paring its losses. Interest rates are edging up as money moves out of safe-haven Treasuries (though you can only get 6 bp in a one month T-bill this morning) and commodities are rebounding.
EUR/USD has edged through an area of resistance at 1.3518/20 and trades now in the low 1.3530s. USD/JPY has retaken 101.00 and trades at session highs of 101.35, a sure sign that the markets are feeling a bit better this morning. Keep it up boys!
The better tone in stocks has helped trigger a double bottom on the short-term charts in EUR/JPY. The measured-move objective is 138.0 on the topside.
