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Yen Technical Outlook

Thursday, 15 May 2008 14:18:05 GMT

Written by Jamie Saettele, Technical Currency Analyst

We remain bearish as long as the USDJPY is below 105.70 (which has come close to being breached seemingly this entire week).

The potential for a sizeable decline in a 3rd of a 3rd wave within the bear cycle from 105.70 does exist.  The other side of a former support line acted as resistance yesterday. 

STRATEGY: Bearish, against 105.70, target TBD

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