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76.4% retracement holds: *RES 4:...>

DOLLAR-YEN TECHS: 76.4% retracement holds:
*RES 4: 109.02 Low May 13
*RES 3: 108.93/99 38.2% of the Apr 24-Jun 25 decline / High Jul 10
*RES 2: 108.38 High Jul 17
*RES 1: 108.00 High Jul 18
*PRICE: 107.59 @ 04:42 GMT July 19
*SUP 1: 107.21 Low Jul 18
*SUP 2: 107.10/106.90 Low Jun 26 / Former channel resistance off the Jul 3 low
*SUP 3: 106.78 Low Jun 25
*SUP 4: 106.00 Round number support
USDJPY sold off sharply yesterday but has thus far found support around the
76.4% retracement of the Jun 25-Jul 10 rally at 107.30. To reverse this weeks
selling pressure, USDJPY needs to get back above resistance at 108.38, the high
of Jul 17. This would be encouraging for bulls and open a return to 108.99
resistance. Further intraday weakness however would expose key support at 106.78
that also represents the key bear trigger.

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