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Yen Technical Outlook

Friday, 01 August 2008 13:57:50 GMT

Written by Jamie Saettele, Senior Currency Strategist

The USDJPY remains choppy.  To review, the rally from 95.72 is in 3 waves but so too is the decline from 108.57. 

Short term, weakness may continue in either wave c of a triangle (red letters) or in a small 2nd wave that serves to correct the advance from 103.76.  Potential support is in the 106.00/50 zone as well as the 6/30 low at 104.99.  Strategically, the best play is a playing bullish break through 108.57, against 106.06.

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