TODAY`S FOREX MARKET OUTLOOK

Friday, October 17, 2003
Daily report
Trendsetter Financial Markets Ltd.
http://www.acetrader.com



USD/YEN - 109.83
As dollar has rebounded after meeting renewed buying at 109.21, suggesting as long as this intra-day support holds, upside bias remains for recent corrective rise from 108.28 to resume and extend gain toward 110.50/60 before prospect of a strong retreat later, below said support would confirm correction is over...


INTRA-DAY USD/YEN OUTLOOK

(Update at 02:19GMT 2003/10/17)

As dollar has moved higher after meeting renewed buying at 109.58, retaining intra-day `upside bias` for initial gain to 110.00/05, above there would signal recent corrective rise from 108.28 has resumed, bring re-test of 110.33 and later toward 110.60/70 before retreat.

Hold long for 110.00/05 first and buy again on subsequent breach of this over-head resistance level...

Rate: 109.91
Strategy / Entry Level: Hold long for st trade
Position: Long at 109.60
Objective: 110.00/05
Stop-Loss: 109.60
Range Forecast: 109.80 / 110.10
Resistance: 110.33/110.79/111.35
Support: 109.58/109.21/108.66