Tuesday June 22, 2004 - 18:28:09 GMT
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DOLLAR GAINS DESPITE LACK OF DATA
Tight ranges by majors continued overnight and into the N.Y session, as the lack of major economic data releases has provided the market with little direction. There is continued speculation that the BOJ will show their hand again if the Yen becomes to strong. What will that level be...yet to be determined. Although Asian bids were taken out last night at 108.65/70 and reached a low of 108.35/45. Then this pair rebounded on the back off short term stop loss buying to 109.25/30, traders are always probing to see where the line in the sand actually is, so a run at the 108.00/10 area has got to be expected. For the mean time Dollar/Jpy remains very liquid and volatile. Euro swept the ZEW report, out this morning that came out as expected and has chopped between 1.2070/75 and 1.2110/15 and remains a product of the cross action being Eur/Jpy and Eur/Gbp.Tomorrow brings no new data but the end of the week has Durable Goods / New Home Sales and GDP and University of Michigan on Thursday and Friday respectfully.
TECHNICALLY SPEAKKING Dollar/Jpy has surged through its 30 and 120 hr moving averages and is pushing toward the upper Bollinger Band on a 60 minute chart. There is trend line resistance seen at 109.50 and support at 108.90/109.00 in the short term. A break of the 109.10 level was seen as a stronger move to the topside.
GAIN AN EDGE We look to buy Dollar/Jpy at 108.95 with a stop below 108.50 and a take profit of 109.65
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