I've entered a Long for 100,000 usd/jpy from 115.89, stop 115.70. The pair had peeked above 116 a moment ago and may be staging a return to 116.40 or beyond.



Today's economic news was rather good IMO .



Greenspan's testimony is here



synop. :

Fed Chairman Alan Greenspan says that absent further shocks, the U.S. economy is poised for sustainable growth, though depressing effects still linger. In addressing the falling dollar, he cautioned against overinterpreting its drop. He also said that corporate governance problems could hurt business efficiency, and more reports of corporate misdeeds may continue to surface. Moreover, he reiterated the fact that price inflation has fallen to its lowest level in four decades. Fed estimates for US Real GDP are 3.56-3.57% in 2002, 3.5-4.0% in 2003. Price Index 1.5-1.75% in 2002, 1.5-1.75 % for 2003. Jobless rate 5.75-6.00% in 2002, 5.52-5.50% in 2003.



June Industrial Production rose 0.8% (exp 0.4% prev revised to 0.4% from 0.2%).

June Capacity Utilization 76.1% (exp 75.7% prev revised to 75.6% from 75.5%).