Yen Technical Outlook

Published June 16th, 2008 - 06:06 GMT
Al Bawaba
Al Bawaba

The advance from 95.72 is most likely corrective, but there appears to be additional upside potential.



The first leg of the correction (95.72-105.70) consists of overlapping waves and is the first wave of a 3 wave sequence.  The advance has formed a channel and the upper end of the channel is not until the 111/112 area.  Also, the wave from 102.58 would equal the 95.72-105.70 advance at 112.62.  Near term support is near 106.50.