NEW YORK (TheStreet) -- While the bear market in emerging market currencies keeps playing out, we want to look at one of the major currencies relationships that has been trapped in a trading range: the U.S dollar to the Japanese yen.

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The following numbers should be understood as yen per $1. The target of 125 yen has been touched a number of times in recent months, and this can be considered resistance. The chart above shows support around 116 yen. With inflation numbers down and economic stats less than hoped for, there is likely to be pressure on Tokyo to weaken the yen further as other currencies in the region keep declining.

This chart gives us no clear idea on timing, so we consider this as having a prepared mind.

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