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Bearish trend below 108.53: *RES...>

DOLLAR-YEN TECHS
DOLLAR-YEN TECHS: Bearish trend below 108.53:
*RES 4: 109.02 May 13 low
*RES 3: 108.80 High Jun 11
*RES 2: 108.35/53 Broken trendline off Jan 3 low / High Jul 1
*RES 1: 107.92 High Jul 3
*PRICE: 107.79 @ 08:45 GMT July 4
*SUP 1: 107.53 Low Jul 3
*SUP 2: 107.10 Low Jun 26
*SUP 3: 106.78/65 Low Jun 25 / 76.4% of the Jan 3-Apr 24 rally
USDJPY bulls have so far failed to capitalise on the recent trendline resistance
break and price action is trading back within the bear channel drawn off the Apr
24 high. Upside gains have so far been capped ahead of 108.00, further
highlighting the potential bearish signal of Tuesday's bearish engulfing candle
and the risk for USDJPY weakness. 107.10 has been exposed. A break here would
open the key level at 106.78. On the upside, a move above 108.53 is required to
change the outlook.

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