Forex Analysis : USD/JPY
Earthquakes, tsunami, nuclear meltdown, we have no idea where the Yen might end the week, with wild swings likely.
• We may see an extended bearish move in coming days with USD/JPY testing key supports at 81.10 and possibly going below 81.
• Lower supports are seen at 80.90 or so, again at 80.50 or so, and then the November 2010 low at 80.30
• The situation in Japan should mean a sharp increase in oil imports – to compensate for the loss of nuclear capacity, and indeed a number of SE Asian countries may find the Japanese quickly move production from Japan for autos, electronics and a large number of other industries.