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Bearish Reversal Extends *RES 4:...>

DOLLAR-YEN TECHS
DOLLAR-YEN TECHS: Bearish Reversal Extends
*RES 4: 111.30 High Mar 26
*RES 3: 110.36 76.4% of the Mar 24 - May 6 decline
*RES 2: 109.85 High Jun 5
*RES 1: 108.54 High Jun 9
*PRICE: 107.13 @ 19:57 BST Jun 10
*SUP 1: 106.99 Low Jun 10
*SUP 2: 106.74 Low May 13
*SUP 3: 106.40 Low May 11
*SUP 4: 105.99 Low May 6/7 and key support
USDJPY traded lower again Wednesday to extend 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 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 is on support at 107.09, May 29 low. A break would open
106.74, May 13 low. Initial resistance is at 108.54, Jun 9 high.

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