BOJ Announces Stimulus; Dollar/Yen Jumps

Japan announces more stimulus overnight, expanding their easing program to handle a weak economy. The global monetary easing continues; the race to the bottom is well underway.  The chart shows the leap higher in the dollar/yen to 79.2, then a slow leak lower ever since. Watch to see how it reacts along the 79 level.  Two important levels moving forward are the 79.2, the price point after the stimulus was announced this morning, and the 76.6 level, where Japan stepped in.

Note Added 9/19/12 at 1:05 PM:  Dollar/yen continued to roll over from this morning dropping down thru 78.6 and down to 78.2 before bouncng to 78.4, now moving flat. The early excitement did not last long.