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Bulls Targeting 112 Risk...........>

DOLLAR-YEN TECHS
DOLLAR-YEN TECHS: Bulls Targeting 112
Risk improved overnight with traders citing EURJPY flow around the Tokyo fix.
The firm tone spilled over into Europe with USDJPY looking to break the 112
level for the first time since early March. This would bring the March 5 high
back into view at 112.14, ahead of the 50% retracement level at 112.44. Bears
need to clear the 100-dma & Apr 10 low at 110.88/84 to re-ignite downside
momentum, opening the 38.2% retracement level of 104.56-114.55 & Mar 29 low at
110.73/54.

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