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Bearish Despite Minor Recovery.....>

DOLLAR-YEN TECHS
DOLLAR-YEN TECHS: Bearish Despite Minor Recovery
*RES 4: 108.47 1.0% 10-dma envelope
*RES 3: 108.16 High Jul 1 and the bull trigger
*RES 2: 107.79 High Jul 7
*RES 1: 107.43 High Jul 9
*PRICE: 107.19 @ 17:40 BST Jul 14
*SUP 1: 106.65 Low Jul 10 and intraday bear trigger
*SUP 2: 106.07 Low Jun 23
*SUP 3: 105.99 Low May 6 and 7 and key support
*SUP 4: 105.21 61.8% retracement of the Mar 9 - 24 rally
USDJPY maintains its current bearish threat despite gains posted Monday. Last
week, support at 106.80, Jun 26 low was breached reinforcing the current bearish
tone. The break has also exposed the key support zone at 106.07/105.99.
Clearance of this area would represent an important bearish break. On the
upside, firm short-term resistance is at 107.79, Jul 7 high. Initial resistance
though is 107.40, Jul 9 high.

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