Forex Market Outlook on Majors USD/JPY: Sept 1, 2014


yen  DAILY MARKET OUTLOOK USD/JPY - 104.15

Update Time: 01 Sep 2014   08:01 GMT

Dollar's from last Thursday's low at 103.56 to 104.25 at NY open today confirms pullback from Monday's fresh 7-week peak at 104.49 has ended there there and consolidation with upside bias remains, break would add credence to the view that an 'upside break' of broad sideways trading from January's 6-year peak at 105.45 has taken place and further gain towards projected target at 104.88 would be seen this week.

On the downside, only a daily close below 103.50 would indicate a temporary top has been formed instead and shift risk to the downside for a retracement to 103.15.

STRATEGY : Hold long

POSITION : Long at 103.80

OBJECTIVE : 104.55

STOP-LOSS : 103.80

RES : 104.49/104.88/105.45

SUP : 103.81/103.56/103.50

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