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USD/YEN Classical 05/10/2010
Written by article default Tuesday, 05 October 2010 09:30
USD/YEN: The latest setbacks have stalled just shy of the recently established multi-year lows by 82.85, with Monday’s break back above 83.60 temporarily relieving downside pressures after ending a sequence of consecutive daily lower highs and a near-2 week decline. From here there is certainly room for additional upside, but ultimately, while the market trades below 86.00, the overall structure still remains intensely bearish and rallies should be met with solid resistance. As such, we remain sidelined and prefer to look to sell into rallies or buy overdone dips towards the record lows by 80.00 from 1995.
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