Wednesday, May 17, 2006


Here is an hourly chart of the cash dollar-yen pair. I last commented on this market here.

I think the low for the move down from the 121.38 level last December has been made. I think the market will soon move above 110.85 and this would be strong evidence that the low is in fact in place. I think the yen is about to embark on a move to the 130 level.

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