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Yen Technical Outlook.

The USDJPY has broken beneath its 2+ month head and shoulders neckline. This development is bearish and even more so in the context of long term wave structure, which suggests a new all time low (below 80). However, I want to urge caution as the pair approaches 93.50. The circled area could still be a triangle in the X wave position. With this in mind, bears may want to lighten up.

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Publication:Mena Report
Article Type:Brief article
Geographic Code:9JAPA
Date:May 15, 2009
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