| Global Interest Rates | |||
Australia |
7.25% | ||
Canada |
3% | ||
EMU |
4% | ||
Japan |
0.5% | ||
Swiss |
2.75% | ||
England |
5% | ||
US |
2% | ||
USD/JPY Daily
Resistance 3: 104.80
Resistance 2: 10450/60
Resistance 1: 104.10/20
Latest New York: 103.92
Support 1: 102.50/60
Support 2: 102.00
Support 3: 101.80
Comments
Rally back from the Friday lows likely a Head-Fake; double top has formed and a strong sell signal suggests a potential short is now confirmed at the 105.00/50 area again. Rate has broken trend line support. Traders note that the market continues to trade technically and expect stops to be run in both directions near-term; expect more volatility. Looking for the rate to briefly follow through higher for a short-covering rally through Tuesday but fall harder into mid week; likely in the 10460/80 area. Day traders may get a lot of opportunity as the rate will likely cover a lot of the same ground twice on the hourly time frame. Stops could be in size at the 102.50/80 area. Resistance at 104.80 area remains significant now and rallies should be sold.
Data due Tuesday: All times EASTERN (-5 GMT)
7:50pm CGPI y/y 3.6%
7:50pm Current Account 1.95T
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