Mizuho Corporate Bank - This week looks set to end up as a 'hammer' formation with a massive 'spike low' just below pivotal support at 105.00 (104.95) and the lowest price since May 2005. Stock indices have something similar suggesting that the unravelling of the 'carry trade' in its many guises will take a breather for the next month or two. For today and allow for a series of random moves roughly between 106.50 and 108.00. All rallies towards 109.00, and probably no higher than 110.00, are seen as medium term selling opportunities for an eventual break below 105.00.
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