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Yen Technical Outlook

Friday, 18 April 2008 14:05:54 GMT

Written by Jamie Saettele, Currency Analyst

The USDJPY blew through 102.95, negating the bearish bias and our idea that a 4th wave was complete.  

If a 4th wave is nearing completion, then the USDJPY must remain below 107.20 (the bottom of wave 1 of the same degree).  There is potential resistance from the 1/23 low at 104.95 and the rally from 98.56 equals the 95.72-102.95 rally at 103.88 (in which case the rally from 95.72 would be a double zigzag).

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