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Yen Technical Outlook

Friday, 02 May 2008 10:40:12 GMT

Written by Jamie Saettele, Currency Analyst

Catching 5th waves can be difficult sometimes so we are focusing on the big picture.

The USDJPY count that treats the rally from 95.72 as a 4th wave is valid as long as 107.20 remains intact. There is a 50% Fibo at 105.18, which coincides with the lower region of a congestion zone. Near term, an ending diagonal may be unfolding from 102.67.  In summary, we remain bears and will look for a top in the coming days.

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