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Consolidating Above Support .......>

DOLLAR-YEN TECHS
DOLLAR-YEN TECHS: Consolidating Above Support 
USDJPY appears to be consolidating recent gains as the 21 and 55-dmas act as
support for the pair. Medium-term bullish momentum remains in place, with the
failure to convincingly break below 111.00 so far this week confirming the
upward trend. A convincing break above 111.50 will be required to trigger the
next rally, and a break above would target the Aug 1 peak at 112.15. Bears will
need a close below 111.00 to shift the outlook back to neutral and below the
200-dma at 109.83 to return the focus toward the May 29 low at 108.11.

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