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Comment: Dropping to the bottom of a potential ‘wedge’ formation and towards they key 85.00 level.
Naturally the authorities are getting jittery but it should be noted that the yen is currently not ‘expensive’ as it was
when we last traded here in 1995. On the Big Mac basis at 320 yen it is the same price as the $2.67 it costs in the
US. Allow for some more cautious downside testing and serious hesitation at 85.00, noting that the US dollar is not
oversold against the yen and that bearish momentum is as strong as it was last summer.
Strategy: Attempt small shorts at 85.40, adding to 86.00; stop well above 87.00. First target 85.00/84.85,
maybe 83.60.
Chart Levels:
Support Resistance Direction of Trade
85.32 85.91
85.00* 86.40
84.82* 86.65
84.50 86.89/87.00*
84.00 83.60 82.80 87.60