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Bears take control: *RES 4:........>

DOLLAR-YEN TECHS
DOLLAR-YEN TECHS: Bears take control:
*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 Intraday high
*PRICE: 107.61 @ 04:29 GMT July 3
*SUP 1: 107.53 Intraday low
*SUP 2: 107.10 Low Jun 26
*SUP 3: 106.78/65 Low Jun 25 / 76.4% of the Jan 3-Apr 24 rally
*SUP 4: 105.65 Bear channel base
USDJPY bulls have failed thus far to capitalise on the recent trendline break
and price action has moved back into the bear channel drawn off the Apr 24 high.
Yesterday's candle pattern is a bearish engulfing reversal and highlights the
risk short-term for further USDJPY weakness. Support at 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 reinstate a bullish theme.

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