Wednesday March 30, 2005 - 20:42:18 GMT
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ALL EYES TO FRIDAYS NON-FARM RELEASE
Overnight price action suggests that with limited data, the position driven trade has continued to dominate the majors. It is interesting most macro fund managers all typically unafraid of risk continue to short the Dollar and have not bought into the Dollar bull theory. Most are reinstating/adding to dollar shorts again yesterday on the view that reserve diversification will continue to weigh on the dollar, as will the ongoing twin deficits. The shorter term players have bought into this Dollar north drive and positioning for the all important Non-Farm payroll numbers on Friday are very interesting. Dollar/Jpy climbed to new highs of 107.70 overnight before backing off due to more exporter offers and profit taking. Euro on the other hand has put in a low of 1.2855/60 on 3/28 and this is being called a base for the longer term macro players. If so Dollar/Jpy will be the focus heading into the Non-Farm on Friday and this data will key the drive to turn the heads of the Macro players if a good release comes out +225 or above.
Dollar/Jpy is trading above its 200 and 120 hr moving averages on a 60 minute chart. The 30hr moving average is seen at 107.39 on this same chart. The 30hr moving average has been respected closer than any other average for JPY for most of the move for shorter term players. There is trend line support seen at 107.10/20 and below that at 106.90.There is resistance at 107.70-108.00.
GAIN AN EDGE
We look to buy Dollar/Jpy on a dip to 107.15 with a stop below 106.80 and a take profit of
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