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A Tale of Three Moving Averages....>

DOLLAR-YEN TECHS
DOLLAR-YEN TECHS: A Tale of Three Moving Averages
USDJPY appears a tale of three moving averages at present. After closing below
the 200-dma yesterday, the level has provided resistance today. Yesterday
support was found at the 100-dma, but today we have traded below this level, as
well as falling below the 21-dma. The 21-dma comes in at 111.27 and we have not
closed below here since January, so a close below here and the psychological
111.00 level would suggest a deeper correction. Bulls need to recover the
200-dma at 111.45 before focus can turn back to Friday's high at 111.90 ahead of
the key 112 level. Above here and the March 5 high at 112.14 would extend the
recovery towards the 114 area.

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