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Thread: Usd/jpy

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    Default Usd/jpy

    The dollar against the Japanese yen dropped down yesterday to hit the major support level at 121.00 to reverse back towards the upside since it couldn't breach the mentioned support. The pair will remain in the downside trend as long as it stays below 123.00 resistance level.

    The trading range for today will be between the key resistance at 122.70 and the key support at 121.40.


    The general trend is down as far as 124.60 remains intact, targets at 120.70 and 119.30.

    selling USD/JPY below 122.70 with a target at 121.85, stop loss above 123.25.

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    Default

    Daily Pivot Points Summary

    USDJPY 122.52 120.97 122.48 119.92 120.45 121.47 121.99 123.01 123.54 124.55 10:00 GMT

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    4 Hours Pivot Points Summary

    USDJPY 122.36 121.83 122.01 121.25 121.54 121.77 122.07 122.30 122.59 122.83 10:00 GMT

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    Default

    Hourly Pivot Points Summary

    USDJPY 122.13 121.89 122.01 121.65 121.77 121.89 122.01 122.13 122.25 122.37 10:00 GMT

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    Default

    July 12, 2007 $/JPY
    Resistance Level (High) 122.61
    Support Level (Low) 121.82

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    The yen gained marginal ground vis-à-vis the U.S. dollar today as the greenback tested bids around the ¥118.50 level and was capped around the ¥119.30 level. Technically, today’s intraday low was right around the 61.8% retracement of the move from ¥115.15 to ¥124.15. Traders continue to believe the yen will benefit from the subprime mortgage meltdown in the U.S. as traders unwind carry trades. Also, most dealers continue to believe Bank of Japan will lift the overnight call rate by +25bps to +0.75% by the end of the year, with a move coming as early as this month. Finance minister Omi told his APEC counterparts that exchange rates should “be set by economic fundamentals.” The Nikkei 225 stock index lost 0.03% to close at ¥16,979.86. Dollar bids are cited around the ¥117.25 level. The euro came off vis-à-vis the yen as the single currency tested bids around the ¥162.85 level and was capped around the ¥163.50 level. The British pound and Swiss franc depreciated vis-à-vis the yen as the crosses tested bids around the ¥241.45 and ¥98.65 levels, respectively. The Chinese yuan appreciated vis-à-vis the U.S. dollar today as the greenback closed the week at CNY 7.5670, down from CNY 7.5750. European Central Bank President Trichet today said “the Chinese currency and those of emerging economies in Asia as a whole should be more flexible.” Finance minister Jin Renging was quoted as saying “China must perform our reforms in the exchange regime. We will not follow others’ words. We have continued flexibility since July 2005.”

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    Default

    yeah, the outlook looks really negative for the dollar.

    and now the growing pessimism about usa and global economy is not good.
    where is this gonna end?

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    Quote Originally Posted by acidguy View Post
    yeah, the outlook looks really negative for the dollar.

    and now the growing pessimism about usa and global economy is not good.
    where is this gonna end?
    this week we got alot of good news I hope this end here

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    Default USD/JPY today

    Despite o/n rebound fm 117.97 to 118.97, cur-
    rent price action suggests as long as said res lvl
    holds, consolidation below 119.10 is seen with down
    side bias for weakness to 118.35 but break of 117.
    97 needed to confirm recovery fm 117.19 is over.

    Sell with stop as indicated n only abv 119.10
    wud abort n risk gain twds 119.38...

    Range Forecast
    +118.70 / 118.95+

    Resistance/Support
    R: 119.10/119.38/119.50
    S: 118.50/117.97/117.60
    sm_smile

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    After rebounding at 95.75 (coming from its 65 pips decline from 96.40 resistance) the USD/JPY has begun to rise to be above the 96.00 level and tests 96.10 level. Currently the pair is trading around 96.00/10, 0.60% above today's opening price.

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