Coulda been worse … That’s about the best that can be said for the markets today, Continued Greek woes, speculation of a Chinese revaluation in the not-too-distant future and the shocking news that Goldman Sachs has been charged with fraud by the US Securities and Exchange division all contributed to a slide in EUR/JPY.
At its worst levels, the cross fell to 123.86. We’ve leveled off since then and have begun to take back some lost ground, as have US equities. The S&P fell to 1187 at its worst and now trades at 1194.
125.20/25 is a resistance area on further rebounds.
