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Yen Technical Outlook

Wednesday, 24 September 2008 13:56:07 GMT

Written by Jamie Saettele, Senior Currency Strategist

Don’t let the USDJPY lull you to sleep.  This is what it does before it makes a major move.  The bearish level in the sand now is 106.90. 

Staying below there keeps the short term trend down potential for the decline to accelerate in a 3rd of a 3rd that will eventually break below 103.52 (and much lower).  Confidence in the bearish bias is waning with each passing session though. 

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