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US Dollar / Japanese Yen
Wednesday, 20 January 2010 15:59 GMT  |  Written by Jamie Saettele
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No change: “Coming under 9079 creates overlapping waves and suggest that the rally from 8481 is a 3 wave correction rather than the first 3 waves of an impulse.  As such, the decline from 9380 is either wave A or 1 of a bearish sequence.  The advance to 9207 is probably just wave a of a smaller expanded flat.  Expect a push above 9207 in order to complete the larger B wave before a sell-off in wave C.”   

Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Friday evenings), technical analysis of currency crosses on Monday, Wednesday, and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forum.  He is the author of Sentiment in the Forex Market.  Follow his intraday market commentary and trades at DailyFX Forex Stream.   Send requests to receive his reports via email to jsaettele@dailyfx.com.

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