FOREX MARKET OUTLOOK FROM ACETRADER - USD/YEN Nov 3, 03
Monday, November 03, 2003
Daily report
Trendsetter Financial Markets Ltd.
http://www.acetrader.com



USD/YEN - 109.80
Dollar`s strong rally to 110.23 Friday confirms recent downtrend has finally made a
temporary low earlier at 107.86 and current price action suggests further gain toward
110.59 is likely after initial consolidation but overbought condition should prevent strong
rise today and reckon 110.80 would hold...


INTRA-DAY USD/YEN OUTLOOK

(Update at 02:41GMT 2003/11/03)

As renewed buying at 109.71 has lifted dollar in Asian morning, bullishness is retained
for early rally to resume, bring re-test of Friday`s 110.23 high but near term loss of
momentum would prevent further strong gain and reckon resistance 110.59 would cap
upside.

Trade from long side, stop at 109.85, below would prolong consolidation and risk
109.55/60 before `up`...

Rate: 110.12
Strategy / Entry Level: Hold long
Position: Long at 109.75
Objective: 110.20 1st
Stop-Loss: 109.85
Range Forecast: 110.00 / 110.30
Resistance: 110.23/110.59/111.06
Support: 109.71/109.16/108.62




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