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Looking to Buy USD/YEN
Written by article default Monday, 01 November 2010 10:38
This market has been under some intense pressure over the past several months, with the price dropping relentlessly to fresh multi-year lows and now quickly closing in on a retest of the record lows from 1995 by 79.75. At this point, despite the severely oversold technical studies, we can not rule out a test and break below the critical barriers by 79.75. However, any additional declines below 79.75 should be limited, with the greater risk from there for a major upside correction back in favor of the US Dollar. We are not recommending a specific buy level just yet, but will be on the lookout once 79.75 is broken.