Monday September 13, 2004 - 19:16:14 GMT
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JPY Heads South
We saw yen weakness today as a result of a Japanese economic report that was released on Friday, which cut its economic growth estimate for the second quarter. Traders where expecting an increase in estimates earlier last week and where selling USD/JPY in anticipation of this. USD/JPY had a bid tone since the open of Asian trading today and picked up momentum through London and into the New York open. We saw stops taken out on the upside as the 110 level was breached and a high of 110.40 area was put in. It then came off slightly and backed off near the figure where it has traded range bound between the figure and 110.20. Yen weakness was also evident EUR/JPY was bid up over the 135 where there was rumors of a barrier option. Eventually the 135 level was breached and a high of 135.10 was reached. Again, GBP/JPY exhibited some significant volatility as we saw a 2 big figure range intraday. EUR/USD has traded range bound for majority the session.
Technically Speaking: EURJPY has been on a steady rise over the past few sessions and although it has taken out the 135.00 option we still see an opportunity to sell in front of 135.50 a double top from August.
Gain an Edge: We look to sell into the 135.50 area with a stop at 136.00 and a 133.80 take profit.
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