Thursday January 27, 2005 - 19:34:11 GMT
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The dollar traded mixed again as cross currency pairs dominated the trading landscape. EUR/USD ranged between 1.3012 and 1.3059 while USD/JPY dropped from 103.48 to 102.92. Meanwhile, EUR/JPY pierced through key technical resistance at 135.35 (135.48 the high) only to flop back to 134.30 and EUR/GBP knifed from .6958 to .6903 sending GBP/USD back towards the 1.89 handle (1.8895 the high). So as the market gears up for next week’s US Non Farm Payroll Report and G-7 meeting, traders remain perplexed by the multitude of false breakouts being made by the USD. In just the past week, key breaks at 1.3100, 104.30, and 1.1790 (USD/CHF) have provided market players with major headaches and nothing else (especially model driven accounts). We expect more of the same until either 1.2920 or 102.00 give way.
We see congestion in the 103.40-50 region in USD/JPY. Old support at 103.80 is also an area that should keep USD/JPY below the psychological 104 handle. There is support at 102.50-40 and 102.25.
GAIN AN EDGE
We will buy USD/JPY at 102.50-25 with a 1.01.99 stop and 103.75 objective.
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