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Yen Technical Outlook

Monday, 07 July 2008 15:55:36 GMT

Written by Boris Schlossberg, Senior Currency Strategist

The USDJPY continues to push higher but the 108.00-108.50 level remains formidable resistance and only a definitive break through that barrier would suggest a clear upside bias.

At this point the price action remains indecipherable but continue to view the up move with skepticism and believe that failure at these levels is more likely.

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