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109.50 Recovered USDJPY extended...>

DOLLAR-YEN TECHS
DOLLAR-YEN TECHS: 109.50 Recovered
USDJPY extended its downtrend to just above the 109 handle yesterday but a
renewed risk on tone has helped the pair recover 109.50 in Asian trading to put
the near term focus back on 110. Above here would suggest a potential base is
forming. The broader downtrend remains intact though and a break below 109 would
open the 50% retracement & Feb 1 low at 108.84/73. Further support is located at
108.50 from the Jan 31 low, ahead of the 61.8% retracement & Jan 16 low at
108.38/37. 

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