Wednesday May 11, 2005 - 02:29:21 GMT
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USD/JPY Daily Outlook
USD/JPY - 105.50
Update Time : 01:16GMT
Although yesterday's strong retreat from 105.96 signals last week's upmove from 104.20 has made a temporary top there and consolidation would be seen today, as long as 105.00 holds, mild upside bias remains for a rebound but a break of said res is needed to bring stronger correction of decline fm 108.90 and yield further subsequent gain, however, res at 106.41 is expected to cap upside.
On the downside, a breach of 105.00 would bring weakness to 104.45/55, however, 104.20 low shud remain intact and yield further choppy sideways trading.
Yesterday's Recommended Trades
DAILY GBP/USD OUTLOOK - +1.8785+
Update Time : 2005/05/10 06:24:00GMT
As cable has fallen after meeting renewed sell-
ing at 1.8868 due to active cross trading in ster-
ling, suggesting recent decline wud extend weakness
to 1.8780/85 n possibly twd 1.8755 sup, however,
reckon 1.8700/10 wud hold fm here n yield rebound.
Trade fm short side, stop at break-even, abv
1.8868/74 wud risk correction to 1.8900/10 b4 down.
Rate : +1.8785+
Strategy : +Target met+
Position : Short at 1.8855
Objective : 1.8785
Resistance : 1.8868/1.8896/1.8947
Support : 1.8755/1.8715/1.8671
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