Daily Outlook
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USD/JPY daily
Fri, Nov 30 2007, 14:37 GMT
by Dimo Dimov
Karoll | View company's profile
The chart present the movement started from 107.19. I think it is corrective in nature and is developing as a double corrective combination. When it is over, I will expect at least 61.8 % retracement so I will look for an entry level for a short position. From a short term point of view a key support is 110.01 so I give a strategy to sell below it. A resistance level is 111.60.
Trading strategy: 08:55 EST; 12:55 GMT
Sell on break of 110.01 (sell stop order at 110.00), stop loss – 110.90, target –108.65
Confidence level – moderate
Published on
Fri, Nov 30 2007, 14:39 GMT
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