USD/JPY - 84.48.. Although renewed selling in Tokyo y'day at 84.58 pre-
ssured the greenback in Europe n the pair fell sharply close to its last week's
15-year low of 83.58 at NY opening after ADP Employer Services report unexpect-
edly showed U.S. companies shed 10k jobs in August, buying interest emerged abv
said key sup n subsequent rally in U.S. equities (Dow rose 2.5%) boosted risk
appetite for yen carry trades, dlr rallied back to 84.67 b4 moving sideways.
Y'day's strg rebound fm 83.66 suggests further choppy trading abv 83.58
wud continue n a daily close abv 84.67 wud suggest the volatile price action fm
aforesaid temporary low is developing into a 'triangle', then a stronger c-leg
upmove to retrace early fall fm 85.91 (a-leg top) to 85.15/25 is envisaged but
reckon upside shud falter well below 85.91 n yield another erratic d-leg decline
b4 dlr's downtrend resumes later this month.
In view of abv analysis, we're buying dlr on dips in anticipation of fur-
ther gain n wud sell if price rises 1st for another retreat back to 84.00/10. On
the downside, only below 83.58 wud yield one more fall twd 83.00/10 b4 recovery.
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