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Japanese Yen Cross Pick 03.10.10

Japanese Yen Cross Pick 03.10.10

2010-03-10 13:18:00
David Song, Currency Strategist
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After pulling up the stop to the 100-Day SMA (90.14) on the USD/JPY long position from 89.51, the two-day decline earlier this week pushed me out of the trade, and I may look to range-trade the pair again as the overnight rally stalls ahead of the 50-Day SMA at 90.53. As a result, if we see the pair close below the 50-Day SMA by the end of the U.S. trade, I will look to short the pair at 90.14, the 100-Day SMA, and will target the 3/4 close at 89.00, with the stop at 90.53, the 50-Day SMA.

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