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Yen Technical Outlook
Tuesday, 11 November 2008 13:40:57 GMT
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The larger USDJPY trend is down so strength should be sold. It is unclear though whether or not the rally from 90.86 is complete. As long as price remains below 100.60, bearish potential is significant.
Evidence that favors a new low (although not necessarily before a push above 100.60) is the momentum extreme (RSI) at 90.86. As I’ve mentioned many times before, price extremes (highs and lows) rarely correlate with momentum extremes. Instead, price extremes occur with momentum divergence. Support begins at 96.
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