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Yen Technical Outlook

Thursday, 10 July 2008 14:11:08 GMT

Written by Jamie Saettele, Technical Currency Analyst

There are 3 waves up from 95.72 so a top may be in place at 108.57.

Wave C (what we are treating as wave C at least) from 102.58 is 61.8% of wave A (95.72-105.70).  The next level of potential resistance is the 100% extension at 112.62.  A cautious bearish bias is warranted against that level.  Also, the 200 day SMA is acting as resistance and has since early June.

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