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Yen Technical Outlook
Friday, 20 June 2008 14:39:02 GMT
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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.
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