Friday, Sep 26- U.S Bailout plan Uncertainty

(9:30 AM GMT)

the YEN jumped by more than 1% against the dollar this morning as negotiations for U.S financial crisis bailout reached a dead end.

As a result, investors rush to buy the Japanese currency which had become a safe haven from risk lately.

The USDJPY is already trading very close to 105, a clear break under 105 might push this pair down to 104. The area between 104 and 103.74 is a major support area on the daily chart, thus we might see some buying power for this pair at these levels.

EURUSD has entered a trading range as I expected at the beginning of this week. It is probable this pair will stay between 1.49 to 1.43 until the fundamentals could point in a clear direction ( since now we are in a very confusing period fundamentally). For the swing traders,  the near term Support level for EURUSD is around 1.4480,and the near term resistance is around 1.4642

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