Sunday May 16, 2004 - 14:22:10 GMT
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Trendways - www.trendways.com
Some $/JPY model based comments
From Trendways Weekend Analysis"
"The Yen has been a big loser across the board lately but this is hardly surprising. The $/JPY break of the major resistance line at 113.15 (despite a later short lived move just under the figure) has put more pressure on the currency but has also pushed $/JPY into O/S territory and we have already seen quite a few reactions off the DHDL (Friday was a typical day with the DHDL also marking the day's high at 114.85). The O/S Yen condition is also apparent but less heavy in the case of EUR/JPY...At this point I must remind my readers that this pair now has a fairly old model direction but by no means extremely overstretched in time.What perhaps is important is the distance covered since the last model break which was triggered at 106.60 on April 14 i.e. the market has already done 800+ pips which is rather on the high side."
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