Thursday November 11, 2004 - 19:05:39 GMT
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Stuck In Nuetral
Last night's comments from Italian Finance Minister Siniscalo that there has been "talk" of coordinated intervention by EU central banks suggests a much greater level of concern about Euro among policy makers. The comments fit with French Finmin Sarkozy's comments this week that "anxiety" is to do with US deficits. Although today’s U.S holiday failed to carry the volatility that was mustered up yesterday, most traders are waiting to see if intervention is in the cards for the European community. Just like option play, the thought of intervention usually attracts speculators to test the market and see if the intervention hammer will be used. Euro traded to lows of 1.2855/60 and then rebounded on rumors that Asian central banks were buying euro on the dips toward 1.2855/70. Dollar/Jpy remained strong but gave up some ground because of exporter selling and profit taking. Dollar/Jpy traded between 106.55 and 107.05 in methodical form. For all intensive purposes currencies flat lined after yesterdays whippy markets and ahead of tomorrows University of Michigan and Retail Sales.
Dollar/Jpy remains firm on a 60 minute chart with support seen at 106.25/40. There is trend line support seen at 106.25 and resistance seen at 107.35/50 in the near term. The 200 hour moving average comes in at 106.15. The Relative Strength Index is neutral at 48.55 on the same 60 minute chart.
GAIN AN EDGE
We look to buy Dollar/Jpy at 106.25/30 with a stop below 105.80 and a 106.90 take profit
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