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Yen Technical Outlook

Thursday, 24 April 2008 12:33:40 GMT

Written by Jamie Saettele, Currency Analyst

There is no change to the USDJPY count.  We expect the decline to accelerate soon.  “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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