Resistance 3: 105.00
Resistance 2: 104.80
Resistance 1: 104.20/30
Latest New York: 104.00
Support 1: 103.50/60
Support 2: 103.20/30
Support 3: 103.00
Other Things to Watch/Open Trades/News
Still Flat but aggressive traders can sell on a test
of the 105.00 area;
Looking at the sell side early this week.
Extra effort by the bulls cleans out stops and makes the 105.00 area in view now.
Don’t expect a rally over the 105.00 area to last, need a failure on good volume but
rate continues to trade firm; no failure on Friday sets the tone for a test of 105.00
today at some point.
Traders note that the market is still trading technically and expect stops to be run in
both directions near-term; expect some volatility. 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
With rate back under the 104.00 handle expect a bounce from the 103.20/30 area if
stops accelerate the move; look to sell that bounce the next 48 hours.
Data due Wednesday All times EASTERN (-5 GMT) Forecast Last
1:00am JPY Housing Starts y/y -6.5% -5.0%
Tentative JPY BOJ Governor Shirakawa Speaks
2:00am JPY BOJ Monthly Report
Analysis by: Forexpros.com written by Jason Alan Jankovsky
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