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Yen Technical Outlook

Monday, 21 April 2008 13:21:40 GMT

Written by Jamie Saettele, Currency Analyst

The best count for the USDJPY from 95.72 is a double zigzag (a-b-c-X-a-b-c). 

With the second zigzag (wave Y) close to equal with the first zigzag (wave W), a bearish bias is warranted against 104.64.  Those with a longer term horizon can keep risk above 107.20. 

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