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Bearish Risk Still Present *RES....>

DOLLAR-YEN TECHS
DOLLAR-YEN TECHS: Bearish Risk Still Present
*RES 4: 109.85 High Jun 5 and key resistance
*RES 3: 108.54 High Jun 9
*RES 2: 107.64 High May 16 and key near-term resistance
*RES 1: 107.45 High Jun 25
*PRICE: 107.23 @ 10:34 BST Jun 29
*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 continues to trade below resistance at 107.64, Jun 16 high. Earlier last
week the pair cleared support at 106.58, Jun 11 low confirming a resumption of
the sell-off since Jun 5. Despite the subsequent recovery, a bearish outlook is
maintained with the focus on support at 105.99, May 6 and 7 low. This is a key
bear trigger, a break would pave the way for a deeper retracement of the rally
between Mar 9 - 24. Key resistance remains 107.64.

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