Wednesday, April 16, 2008

I am watching USDJPY against 102 resistance from .786 retracement at 101.83 of minor wave 1, as well as a=c move at 101.91. I am loaded up to sell USDJPY into this level with stops above the 102.30 highs. I am still watching EURGBP for a reversal, but will wait for GBPUSD to test 1.9500 and show me there is sufficient Sterling buying interest to send it higher against the USD, which could carry over into buying interest against Euro. Back tomorrow.

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