US/YEN

GENERAL OVERVIEW OF US/YEN MARKET

ISSUE DATE: MAY, 2006

Having reached HEC, YEN should fall to IC2 and either:

trade in a narrow range between IC1 & IC2 to target 3 or a little higher at the IC1 June 15 junction, or
break down through IC2 and rally back to target 3, or
break into IC3 to finish at target 1.
In general terms, the C lines are the medium term target even if they are not reached on the target 2 date.

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