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Bull Flag Formation *RES 4:........>

DOLLAR-YEN TECHS
DOLLAR-YEN TECHS: Bull Flag Formation
*RES 4: 110.38 Bull channel top drawn off Aug 26 low
*RES 3: 109.32/37 High Aug 1 / 61.8% retracement Apr 24 - Aug 26 decline
*RES 2: 109.07 200-DMA
*RES 1: 108.94 High Oct 17
*PRICE: 108.69 @ 15:50 GMT Oct 25
*SUP 1: 108.16 Low Oct 16
*SUP 2: 107.85 Low Oct 11
*SUP 3: 107.55 Trendline support drawn off Aug 26 low
*SUP 4: 106.81 Low Oct 8
USDJPY edged higher into the close but largely remains in consolidation mode.
This consolidation appears to be taking on the shape of a bull flag formation
reinforcing the bullish theme and the likelihood of higher prices near-term. The
focus is on a test of the 200-DMA at 109.07 where a clear break would open
109.32, Aug 1 high and 109.93, May 30 high. The initial trigger for gains is at
108.94. Trendline / channel support drawn off the Aug 26 low lies at 107.55.

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