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Corrective Pullback Dominating.....>

DOLLAR-YEN TECHS
DOLLAR-YEN TECHS: Corrective Pullback Dominating
*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: 108.93 @ 10:18 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 has
also spiked lower today. 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. A break would open 108.66 and 108.27.

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