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Yen Technical Outlook

Tuesday, 22 April 2008 13:19:54 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 close to equal with the first zigzag, a bearish bias is warranted against 104.64. 

Those with a longer term horizon can keep risk above 107.20.  The rally from 95.72 is a 4th wave within the 5 wave drop from 114.65 and the objective is below 95.72. 

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