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Bearish Risk Still Present.........>

DOLLAR-YEN TECHS
DOLLAR-YEN TECHS: Bearish Risk Still Present Despite Recovery
*RES 4: 109.85 High Jun 5 and key resistance
*RES 3: 108.54 High Jun 9
*RES 2: 108.20 1.0% 10-dma envelope
*RES 1: 108.16 Intraday high
*PRICE: 107.53 @ 10:43 BST Jul 1
*SUP 1: 106.80 Low Jun 26
*SUP 2: 106.07 Low Jun 23 and the intraday bear trigger
*SUP 3: 105.99 Low May 6 and 7 and key support
*SUP 4: 105.81 Low Mar 17
USDJPY has this week traded through resistance at 107.64, Jun 16 high. A bearish
focus has been in place following last week's breach of support at 106.58, Jun
11 low. This confirmed a resumption of the sell-off from Jun 5. Although this
week's breach of 107.64 is a bullish development, a bearish threat is still
present. Attention is on the key support at 105.99, May 6 and 7 low. On the
upside, further gains if seen would open 108.54, Jun 9 high.

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