Of all the currencies, the Yen has been the strongest consistently over the last 50 years but is in the last wave up of that post war Bull and a case could be made that Wave 5 of 5 is over and failed to make a new high above 123. The alternative which I favor is that we are in Wave 2 or 4 of 5 and that leaves at least one more move higher to test the 123 highs or exceed them to end this 50 year bull with a bigger bang in 2010-11 than just a test of 123.

Short term it is vulnerable to further declines but we are still far from breaking the big trend line from 1950 near 100.

Francis
www.AstroCycle.net

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(T&C Forums – Knowledge Contributor)