[B]DAILY OUTLOOK ON USD/JPY - 104.10
03 Jan 2014[/B] [I]05:12 GMT[/I]
Despite y’day’s brief rise to a fresh 5-year top at 105.45, subsequent selloff to 104.55 suggests a temp. top has been made there n consoldation with downside bias wud be seen for weakness to 104.30/32 , however, sup 103.77 shud hold n yield rebound.
Sell on recovery n only abv 104.45 wud risk marginal gain to 104.66 but 104.88/91 shud hold.
[B]STRATEGY :[/B] Hold short
[B]POSITION :[/B] Short at 104.35
[B]OBJECTIVE :[/B] 103.55
[B]STOP-LOSS :[/B] 104.75
[B]RES :[/B] 104.55/104.87/105.24
[B]SUP :[/B] 104.14/103.77/103.42