Yen Technical Outlook

Published May 15th, 2008 - 06:18 GMT
Al Bawaba
Al Bawaba

We remain bearish as long as the USDJPY is below 105.70 (which has come close to being breached seemingly this entire week).



The potential for a sizeable decline in a 3rd of a 3rd wave within the bear cycle from 105.70 does exist.  The other side of a former support line acted as resistance yesterday. 

STRATEGY: Bearish, against 105.70, target TBD