Currency update

FOCUS: USD/JPY, for once USD/JPY rallied past 108.50 but unable to hold... Porofit taking or sell the rally its your take. The intermediate trend is still sell the rally. With Bernanke signaled he may cut interest rates further amid mounting concern that the economy is headed for a recession. Traders stick to the sell usd buy euro trend with the ECB puzzling wheater to fight inflation or cut interest rate as other central banks did. One thing is true, commodities currencies like AUD and NZD will continue to push forward with the CAD not far behind. Euro and GBP will continue to trade higher but with caution about sudden news... Bank of Japan has put rates on hold so will carry trade push higher wait and see....