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Consolidation likely to be.........>

DOLLAR-YEN TECHS: Consolidation likely to be resolved to the downside:
*RES 3: 109.62 High May 31 and standard candle line high
*RES 2: 109.02 Low May 13 and key short-term resistance
*RES 1: 108.80 20-day EMA and just above the Jun 11 high
*PRICE: 108.43 @ 09:06 GMT June 19
*SUP 1: 107.88 Low Jun 6
*SUP 2: 107.81 Jun 5 low and bear flag base
*SUP 3: 107.46 Low Jan 4
Overall, bearish conditions remain in place in USDJPY despite the continued
consolidation that has dominated trading in June thus far. The consolidation
this month has found resistance within the body of the long standard candle line
of May 31. Furthermore, the failure to move back above 109.00 highlights too the
lack of demand in USDJPY. Look for a break of 107.81 support, the Jun 5 low to
confirm a resumption of weakness. A move above 109.00 is required threaten the
bearish tone.

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