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What can stop the strengthening yen?
The yen is close to a five week high against the US dollar. Concerns about the shut-down in America and what that could mean for the debt ceiling debate is continuing to hurt the Greenback. But there's also a technical story going on here. Saxo Bank's technical analyst, Kim Larsson, shows how dollar:yen is taking out support around 97.50 and it's entering into a new short term downtrend. And it could fall further.
The question is how much further can the dollar fall? Kim says it's not easy to say right now, but the charts suggest the 200-day moving average is giving some support. We hit a low of 96.70 in August and the longer term pictures depends on whether it takes out that low.
02:05 minutes
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