Yen Technical Outlook

Published June 17th, 2008 - 06:20 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.  A push through 108.57 and a test of 109 is probable.  At that point, there would be potential for at least a medium term top.