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Technicals

USD/JPY - 101.33 Daily Market Outlook - Oct 7

07 Oct, 2008 @ 08:35 pm EST
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The greenback rebounded briefly to 103.30 yesterday on short-covering and the RBA's aggressive rate cut, however, renewed cross buying in jpy pressured price again and a firm breach of 101.00/06 would confirm MT downtrend has resumed and yield subsequent re-test of this week's low at 100.22.  

  

On the upside, above 102.08 would prolong present choppy consolidation and bring rebound to 102.84, however, said res at 103.30 should remain intact.

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