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Japanese Yen Remains Above 118.00

By Sam Shenker
03 February 2006 12:38 GMT
A further move to the upside will most likely see the pair gain further upside momentum and with a break above the psychologically important 120.00 handle, most likely aiming for 121.39, a level defended by the 2005 High and a start of the previous anti-dollar rally. A move following the breakout will most likely see the pair extend its gains toward 123.25, a level established by the November 25, 2002 daily high. Indicators are mixed with positive momentum indicator above the zero line and MACD below the zero line, with ADX above 25 at 27.99, signaling an existence of a maturing trend, not a direction of one, while overbought Stochastic adds to the trending outlook.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
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03 February 2006 12:38 GMT