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Yen Technical Outlook

Monday, 28 April 2008 15:22:53 GMT

Written by Jamie Saettele, Technical Currency Analyst

The surge through 104.64 negates the immediate bearish bias.

We still maintain that the larger trend is down but a larger corrective advance is probably unfolding.  If so, then a potential reversal point is the 100% extension of 95.72-102.95/100.02 at 107.25 (as well as the mentioned 105.18 on the previous chart).  The larger trend is down and we will be looking for opportunities to short.

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