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DOLLAR-YEN TECHS
DOLLAR-YEN TECHS: Bearish Risk Still Present
*RES 4: 108.32 1.0% 10-dma envelope
*RES 3: 108.16 High Jul 1 and the bull trigger
*RES 2: 107.79 High Jul 7
*RES 1: 107.43 High Jul 14
*PRICE: 107.19 @ 06:04 BST Jul 17
*SUP 1: 106.67/65 Low Jul 15 / Jul 10 and intraday bear trigger
*SUP 2: 106.07 Low Jun 23
*SUP 3: 105.99 Low May 6 and 7 and key support
*SUP 4: 105.21 61.8% retracement of the Mar 9 - 24 rally
USDJPY weakness is still seen likely near-term. Last week, support at 106.80,
Jun 26 low was breached reinforcing the current bearish tone. The break has also
exposed the key support zone at 106.07/105.99, the Jun 23 and May 6/7 low.
Clearance of this area would represent an important bearish break. On the
upside, firm short-term resistance is at 107.79, Jul 7 high. Initial resistance
though is 107.43, Jul 14 high.

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