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Bearish Outlook Remains Intact.....>

DOLLAR-YEN TECHS
DOLLAR-YEN TECHS: Bearish Outlook Remains Intact
*RES 4: 111.04 High Feb 25
*RES 3: 110.46 High Feb 27
*RES 2: 109.68 High Feb 28
*RES 1: 108.58 High Mar 2
*PRICE: 107.40 @ 05:55 GMT Mar 5
*SUP 1: 106.85 Low Mar 4
*SUP 2: 106.48 Low Oct 3 and key support
*SUP 3: 105.74 Low Sep 3
*SUP 4: 105.59 Low Aug 27
USDJPY bears gained control again Tuesday and the pair traded to a fresh low of
106.85 yesterday. This keeps bearish conditions in place following last week's
sharp sell-off that started off the Feb 20 high of 112.23. Momentum studies are
pointing south having recently pulled away from overbought territory and this
reinforces current bearish conditions. A break of 106.85 would resume the
downtrend and open 106.48. Initial resistance is at 108.58, Monday's high.

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