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Yen Technical Outlook

Wednesday, 25 June 2008 14:13:32 GMT

Written by Jamie Saettele, Technical Currency Analyst

Longer term, The advance from 95.72 is most likely corrective, but there appears to be additional upside potential over the next month or so.

The first leg of the correction (95.72-105.70) consists of overlapping waves and is the first wave of a 3 wave sequence.  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.”  Short term, Elliott channeling suggests that wave v of C is underway now.  Look for a push through 108.57 this week or next.

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