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Yen Technical Outlook

Wednesday, 05 November 2008 17:44:28 GMT

Written by Jamie Saettele, Senior Currency Strategist

The USDJPY rally from 90.86 is probably wave A (the first wave in a 3 leg upward correction). 

Support last night came in at the topside of a former resistance line.  A drop through there could see a test of support near 96.  A deeper decline is of course possible (the larger trend is still considered down).

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