FROM: PETER CRUZ DATE: 1st Oct., 2014 – Wed. Market Brief Now that the USD/JPY breaks above the psychologically important Y110-threshold—for the first time since August 2008—the next resistance for the pair is around 110.66, the pair’s highest in 2008, says Daisaku Ueno, chief FX strategist at Mitsubishi UFJ Morgan Stanley. The resistance could be cleared soon if there are dovish comments from the ECB meeting later this week. But “adjustment is likely at some point,: after the pair’s rapid gain—up more than 5%, or nearly 6 yen in the month of September. If so, the pair may fall temporarily to 108 or 109, he says. SELL EUR @ 1.2620 OR BETTER - STOP @ 1.2710 – TARGET @ 1.2530 SELL GBP @ 1.6200OR BETTER – STOP @1.6280 - TARGET @ 1.6125 BUY USD/JPY @ 109.75 OR BETTER – STOP @ 109.00 – TARGET @ 110.65 SELL CL1114 @ 91.70 OR BETTER – STOP @ 92.50 - TARGET @ 90.50 SELL XAU @ 1208 OR BETTER – STOP @ 1215 - TARGET @ 1185 SELL XAG @ 17.00 OR BETTER – STOP @17.75 – TARGET @ 16.50 GOOD LUCK AND HAPPY TRADING PLS. NOTE: 1. ALWAYS REMEMBER TO PUT STOPS WHENEVER YOU TRADE, MARKETS ARE VERY VOLATILE. 2. THE ABOVE BRIEF IS MY PERSONAL OPINION AND DOES NOT CONSTITUTE ANY PROMISES OR GUARANTEES OF PROFITS. TRADING IN CURRENCIES AND COMMODITIES ARE HIGH RISKS AND IT IS NOT FOR EVERYONE.
Posted on: Wed, 01 Oct 2014 04:31:41 +0000
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