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Bearish Engulfing Reversal *RES....>

DOLLAR-YEN TECHS
DOLLAR-YEN TECHS: Bearish Engulfing Reversal
*RES 3: 110.36 76.4% of the Mar 24 - May 6 decline
*RES 2: 109.85 High Jun 5
*RES 1: 108.54 Intraday high
*PRICE: 107.68 @ 16:41 BST Jun 9
*SUP 1: 107.65 Intraday low
*SUP 2: 107.51 Low Jun 2
*SUP 3: 107.09 Low May 29 and key near-term support
USDJPY trades lower for a second session, extending the current pullback.
Monday's price action in Japanese candle terms is a bearish engulfing reversal.
This is a strong signal and suggests sentiment has potentially reversed to
bearish once again. It also signals a top at Friday's high of 109.85. If
correct, the risk is for further weakness and attention turns to support at
107.09, May 29 low. A break above 109.85 would negate the candle pattern and
resume recent gains.

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