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Corrective Pullback Dominates......>

DOLLAR-YEN TECHS
DOLLAR-YEN TECHS: Corrective Pullback Dominates
*RES 4: 110.36 High May 23
*RES 3: 110.29 High Jan 17 and bull trigger
*RES 2: 109.87 High Jan 23
*RES 1: 109.65 High Jan 24
*PRICE: 109.04 @ 06:00 GMT Jan 27
*SUP 1: 108.73 Intraday low
*SUP 2: 108.66 61.8% retracement of the Jan 8 - Jan 17 rally
*SUP 3: 108.27 76.4% retracement of the Jan 8 - Jan 17 rally
*SUP 4: 107.65 Low Jan 8 and key support
USDJPY remains under pressure given overarching risk-off themes. The pair spiked
lower overnight but has recovered. We have argued that the recent pullback is
most likely a correction with underlying bullish conditions intact. For now
though a bearish theme is seen dominating. If the pair is able to find support
and recover above 109.87, this would signal the return of a bullish mood. First
support is at 108.73, today's intraday low so far.

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