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108-109 Range in Play Strong US....>

DOLLAR-YEN TECHS
DOLLAR-YEN TECHS: 108-109 Range in Play
Strong US data extended the recovery off weekly lows to 108.50 before fading,
but second wave demand lifted rate to Y108.59 in late trade. USDJPY remains
locked in narrow range trade with bulls focusing on trendline resistance & the
Jun 11 high at 108.65/80. A topside break of 109.00 brings the 21-dma, trendline
off Apr highs & 38.2% retracement into view at 109.03/13/23. Bears need to clear
the 108.00/05 level, which holds the 76.4% retrace of the Jun6-11 recovery, Jun
6 low & 2019 support line. Below here exposes the Jun 5 low & 61.8% retracement
of the Jan-Apr rally at 107.82/75.

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