Friday January 14, 2005 - 21:52:50 GMT
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We had the release of the PPI, Industrial Production, and Capacity Utilization this morning. The numbers were as follows: PPI came in at -.7% vs. expectations of -.1%, ex. food and energy -.2% vs. expectations of -.1%, Industrial Production +.8 vs. expectations +.4, and Capacity Utilization printed 79.2 vs. expectations of 78.9. What was viewed as more significant was the statement that St. Louis Fed Bank President Poole made regarding the possibility of the Fed dropping its “measured” pace language when referring to rate increases. Interestingly we saw EUR/JPY get crushed when London fired up. The pair ran up to 135.33 and collapsed as a plethora of stops were triggered as we finally found some near term footing at 133.30. The result was a lower EUR/USD as 1.3200 failed to hold and we shed over a cent. USD/JPY was crushed as it traded at 12 month lows at 101.75.
Technically Speaking: We see resistance in USD/JPY above 102.30. The pair is currently trading under its hourly SMA. In addition, we feel any strength in the pair will be faded.
GAIN an Edge: We look to sell USD/JPY on a move higher. We look to sell half our position here and offer the other half at 102.20. We will leave a stop at 102.37 and look to take profit 101.20
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