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Yen Technical Outlook

Tuesday, 29 July 2008 14:41:08 GMT

Written by Jamie Saettele, Currency Analyst

Preferred count: The advance from 95.72 is wave W in a W-X-Y complex correction and the drop from 108.57-103.76 is wave X. 

Wave Y is underway towards 116 (equality with wave W).  Alternate: price action from 108.57 is forming a triangle in wave X.  The best strategy is to play a bullish break.  Look for support in the 107.15/33 area (Fibo zone).

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