<Dollar/Yen>

Downside channel drawn from the high limit at 84's was broken at 79.5, meaning placing a buy stop order may be a good idea. Verbal intervention (but nothing real) also led to Yen selling and pushed cross- yen pairs.

Net Yen in IMM turned long, meaning the Yen finally stopped being sold. Expectation of U.S. data and QE3 caused dollar selling. On the other hand, persistent problems with Spain and Greece led to Euro selling. These two countries continue to struggle.

The dollar will be heavy versus the yen at 80.5's and we should pay attention to 77's for BOJ's intervention. The price range will be narrow in the coming week.

Expected Range 78.00-80.500  Fluctuations this week. Probably buy on dips in short term

<Euro/Dollar>

Even though short positions may have been closed out up to 1.26's, there is no reason for buying the Euro. It may, though, be bought if ND and PASOK can form a coalition government, however, Spain continues to be a problem, even with an imminent injection of funds. As a result, we should wait and sell on the rallies. The low limit parallel to downside channel is now at about 1.2700.

Expected Range 1.2250-1.2700.  Sell the Euro on a long term basis.

Hirose UK cannot guarantee the contents of the website to be reviewed. The views contained in the [trading guide] are those specifically of the relevant trader only and are given as part of the trader's normal trading activity. These views should not be relied upon or interpreted in any way, whether inferred or implied, as a recommendation or advice given by Hirose UK or as having been authorised by any other person. Hirose UK has no authority whatsoever to make any representation or warranty on behalf of any legal entity and or other persons in connection therewith.