Monday June 7, 2004 - 05:35:24 GMT
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Saxo Bank - www.saxobank.com
Forex Trading Strategy: Short Dollar Yen (USD/JPY)
USDJPY (110.15 @ 05:11 GMT) 7-June 2004
The rally in USD/JPY from the 109 low to almost 112 now appears to have been merely a consolidative move in the huge sell-off from the top just below 115. The rally was boosted by fears of continued strength in oil prices, which have now receded somewhat.
Now, after a stream of strong data in the US, the JPY and its export-led economy looks to outperform. If oil prices stay relatively capped and stock markets continue their positive tone, the JPY may continue to strengthen and USD/JPY could head to 108 and possibly lower.
Sell USD/JPY here (110.16) or a bit higher with a stop at 111.05 bid and a target of 108.50 or lower.
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