Forex News USD/JPY had almost its highest close for 2008 around 107.88, notes Mizuho Corporate Bank's Nicole Elliott. However, with the rate almost overbought, and bullish momentum very poor, she urges extreme caution. For Thursday morning Elliott looks for an upside probe towards 108.00, then a drift lower during the afternoon session. For a strategy she favors small shorts at market, with a stop above 108.75, for short term downside targets of 107.00 and 106.00. USD/JPY now at 107.78.
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