From a long term perspective, $/yen has finally reached the downside target since last summer at the base of the triangle-type consolidation that has been forming since 1999 (currently at 101/102) . In the bigger picture, this scenario raises potential for an important bottom to form nearby (see shorter term below), with at least 3-6 months of gains back toward the ceiling of the pattern after (currently at 123, see “ideal” scenario in red on weekly chart below). However, with scope for more
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Wednesday, March 12th, 2008 at 11:39 am
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