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Correction Extends *RES 4:.........>

DOLLAR-YEN TECHS
DOLLAR-YEN TECHS: Correction Extends
*RES 4: 110.53/67 76.4% of the Apr 24 - Aug 26 decline / High May 21
*RES 3: 110.36 High May 23
*RES 2: 110.29 High Jan 17 and bull trigger
*RES 1: 109.87 Intraday high
*PRICE: 109.35 @ 10:33 GMT Jan 23
*SUP 1: 109.27 Low Jan 23
*SUP 2: 108.97 50% retracement of the Jan 8 - Jan 17 rally
*SUP 3: 108.66 61.8% retracement of the Jan 8 - Jan 17 rally
*SUP 4: 108.27 76.4% retracement of the Jan 8 - Jan 17 rally
USDJPY remains under pressure this week and sold off again Thursday. Despite
this, the underlying uptrend remains intact and current weakness is likely a
correction. Last week's break of 109.73, Dec 2 high reinforced the positive
tone, confirming a resumption of the uptrend that has been in place since Aug
26. The focus is on 110.53, a Fibonacci retracement and 110.67, the May 21 high
next. Initial support is 109.45, Low Jan 13.

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