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#481 (permalink)

10-09-2008, 12:08 PM

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Yen Crosses Collapse to Multi-Year Lows: Support Anyone?

Wednesday, 08 October 2008 17:53:12 GMT
Written by Jamie Saettele, Senior Currency Strategist
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I wrote last week that “the next drop likely extends into the 130’s.” The EURJPY has reached the 100% extension of the 170-146.98 decline at 135.61. This level is just above the 38.2% of 88.87-170 at 132.70, which is the center of a former multi-year congestion area. This is a level that could produce a significant bounce.

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