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Technicals

USD/JPY - 107.48 Daily Market Outlook - Jul 8

08 Jul, 2008 @ 08:02 pm EST
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Yesterday's cross-inspired rally after the decline to 106.25 suggests the upmove from 104.99 has resumed and above Monday's high at 107.75 would extend gain to 108.00/10 but anticipated overbought condition should cap upside below daily resistance at 108.59 and risk has increased for a retreat later.  

  

Below 106.60/70 would prolong choppy trading and risk another corrective fall towards aforesaid yesterday's low at 106.25.

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