Yen Technical Outlook
Posted by stevefx on July 28, 2008
Daily FX
Yen Technical Outlook
Monday July 28, 9:38 am ET
By Jamie Saettele, Currency Analyst strategist@dailyfx.com
Preferred count: The advance from 95.72 is wave W in a W-X-Y complex correction and the drop from 108.57-103.76 is wave X.
Wave Y is underway towards 116 (equality with wave W). Alternate: price action from 108.57 is forming a triangle in wave X. The best strategy is to play a bullish break. Look for support in the 107.15/33 area (Fibo zone).
