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Yen Technical Outlook

Thursday, 21 August 2008 13:35:31 GMT

Written by Jamie Saettele, Senior Currency Strategist

Price dropped below 108.36, which makes it possible that the entire rally from 95.72 is complete. 

The rally from 95.72 is in 3 waves (W-X-Y), which is corrective and the sharp reversal warrants attention.  It is worth mentioning as well that the rally from 95.72 retraced 50% of the decline from 124.13.

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