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Bearish Pressure Persists *RES.....>

DOLLAR-YEN TECHS: Bearish Pressure Persists
*RES 4: 108.15/16 1.0% 10-dma envelope / High Jul 1 and the bull trigger
*RES 3: 107.79 High Jul 7
*RES 2: 107.53 High Jul 20
*RES 1: 106.90 Intraday high
*PRICE: 106.34 @ 10:40 BST Jul 24
*SUP 1: 106.07 Low Jun 23
*SUP 2: 105.99 Low May 6 and 7 and key support
*SUP 3: 105.21 61.8% retracement of the Mar 9 - 24 rally
*SUP 4: 104.51 Low Mar 13
USDJPY is weaker. Bearish pressure is likely to continue dominating near-term.
On Jun 10, support at 106.80, Jun 26 low was breached reinforcing a bearish
theme. The break has exposed key support at 106.07/105.99, Jun 23 low and May
6/7 low. Clearance of this area would represent an important bearish break. On
the upside, key short-term resistance is at 107.79, Jul 7 high. Initial firm
resistance though is 107.53. Jul 20 high.

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