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Comment: Understandably cautious moves as we hover over the pivotal long term chart point at 85.00. All
elements of this daily Ichimoku ‘cloud’ chart suggest a short position but caution is warranted as we are currently
working inside a potential ‘wedge’ formation. Note that the US dollar is not oversold against the yen and that
momentum is steadily, not dramatically, bearish. Continue to expect generalised US dollar weakness and a series of
cautious downside probes against the yen and other major currencies.
Strategy: Attempt small shorts at 85.85/86.15; stop well above 87.00. First target 85.30/85.00, then more
keeping in mind the record low was 79.75 in 1995.
Chart Levels:
Support Resistance Direction of Trade
85.68 86.06
85.30 86.20
85.00* 86.45/86.57
84.82* 86.89
84.50 87.00*