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Yen Technical Outlook

Friday, 20 June 2008 14:39:02 GMT

Written by Jamie Saettele, Technical Currency Analyst

Near term, expect this decline to test the 6/11 low of 106.56.  A deeper decline is possible; which would likely serve as wave B (or X) within the correction from 95.72.

The advance has formed a channel and the upper end of the channel is not until the 111/112 area.  Also, the wave from 102.58 would equal the 95.72-105.70 advance at 112.62.  The upper channel line intersects 112.62 in the middle of July.

Visit our recently updated Yen Currency Room for specific resources geared towards this currency.

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