Friday July 9, 2004 - 20:34:08 GMT
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DOLLAR SOFTENS AGAIN
The dollar softened slightly in a muted trading session that featured a higher GBP/USD and lower USD/JPY, EUR/JPY. After being sold off hard in yesterday’s New York afternoon session (1.8475), GBP/USD raced back to 1.8585 while both USD/JPY (107.92) and EUR/JPY (133.85) slipped closer to key technical levels (107.50,133.80). Meanwhile, EUR/USD traded quietly within a 1.2370-1.2415 range as did USD/CHF (1.2225 to 1.2290). So even though today’s action was uneventful, next week’s abundance of US data releases combined with this Sundays’ results from the Japanese Prime Minister elections should lead to some exciting and volatile f/x markets.
TECHNICALLY SPEAKING We see key medium term support in EUR/JPY at 133.80 and also at old resistance at 133.40. The topside is heavily congested at 134.85-95.
GAIN AN EDGE We will sell EUR/JPY at a 133.80 break and look for 132.65 with a 134.15 stop.
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