Mizuho Corporate Bank - Stalling at 110.13, the 9-day average, well ahead of our corrective bounce's target. Note that many other smaller currencies are setting new recent and/or all-time strength against the US dollar. Medium and long term we feel the Yen should outperform most major currencies as the 'carry trade' unwinds. Perhaps price action of the last two weeks should be seen as an inverted 'flag', in which case the next step would be a very large drop next week.
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