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Yen Technical Outlook

Friday, 08 August 2008 14:51:07 GMT

Written by Jamie Saettele, Senior Currency Strategist

Bigger picture, we expect strength to end in the 113.25-116.65 zone (Fibo levels from the 124.13-95.72 drop) and give way to a long term reversal.  The rally from 103.76 should complete the final leg in the larger corrective advance from 95.72.  Short term, there are 5 waves up from 107.29 so expect a corrective decline to bring price back to at least 109.

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