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Corrective Pullback Intact *RES....>

DOLLAR-YEN TECHS
DOLLAR-YEN TECHS: Corrective Pullback Intact
*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: 109.02 @ 05:52 GMT Jan 28
*SUP 1: 108.73 Low Jan 27
*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 current risk-off themes and did trade lower
yesterday. We have recently argued that the current pullback is most likely a
correction with underlying bullish conditions intact. For now though a bearish
theme is set to dominate. If the pair is able to find support though and recover
above 109.87, this would represent a bullish development. First support is at
108.73, yesterday's low. A break would open 108.66 and 108.27.

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