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Japanese Yen Potential Triangle Break

Japanese Yen Potential Triangle Break

2011-03-14 15:40:00
Jamie Saettele, CMT, Sr. Technical Strategist
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TopHeadline_1_body_usdjpy.png, Japanese Yen Potential Triangle Break

Prepared by Jamie Saettele

Risk for the bearish triangle scenario can be moved to 8329. A drop below 8024 would open up the door for a test of the all time low just below 80 (registered in 1995). If the USDJPY does break lower, then expect weakness into the mid 70s. 7619 is where a break would equal wave a of the triangle if measured from 8024 (in % terms).

Click here to see outlooks for the rest of the USD majors.

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