TODAY`S FOREX MARKET OUTLOOK FROM ACETRADER - USD/YEN
Thursday, July 8, 2004 6:42 GMT
Daily report
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USD/YEN - 108.51

Overnight rebound from 108.19 suggests further choppy consolidation would be seen and a
breach of 109.00/10 would encourage gain for a test of 109.50/60 first.

Below 107.82 would signal downside break has occurred and yield weakness toward 107.02
later.



INTRA-DAY USD/YEN OUTLOOK

Dollar`s overnight rebound from 108.19 suggests a minor low is made and consolidation with
upside bias is seen for a retracement of yesterday`s selloff, bring gain to indicated objective
but reckon 109.05/07 would cap upside and yield selloff later.

Buy pullback, stop below said support, break would extend marginally but 107.82 would hold
from here.


Rate: 108.45
Strategy / Entry Level: Hold long
Position: Long at 108.45
Objective: 108.80

Stop-Loss: 108.18
Range Forecast: 108.50 / 108.80
Resistance: 109.07/109.53/109.75
Support: 108.05/107.82/107.41



YESTERDAY`S RECOMMENDED TRADE:
2004/07/08 00:23GMT
DAILY EUR/DLR OUTLOOK - +1.2385+

Despite intra-day resumption of recent erratic upmove, as nr term rise fm 1.2133 is `losing
momentum`, reckon upside wud falter below 1.2400 n bring a retracement of this move,
below 1.2300 would confirm top is made and yield weakness to 1.2260/63.

Turn short on further rise, stop as indicated and would be prudent to take profit on decline.

POSITION :
Short at 1.2385
STRATEGY : Hold short
PROFIT TARGET : 1.2305
STOP-LOSS :
1st 1.2435

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