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Downside Risk Still Present *RES...>

DOLLAR-YEN TECHS: Downside Risk Still Present
*RES 4: 110.50 1.000 projection Aug 26 - Sep 18 rally from Oct 3 low
*RES 3: 109.93 High May 30
*RES 2: 109.73 High Dec 2 and key resistance
*RES 1: 109.21 High Dec 3
*PRICE: 108.61 @ 10:22 GMT Dec 10
*SUP 1: 108.55/43 50 dma / Low Dec 4 and Low Dec 9
*SUP 2: 108.24 Low Nov 14 and key support
*SUP 3: 107.89 Low Nov 1
*SUP 4: 107.72 38.2% retracement of the Aug 26 - Dec 2 high
USDJPY remains vulnerable following the sharp rejection last week off the
December 2 high of 109.73 high. The pullback cleared 108.64 support, exposing
the 50-dma at 108.55 currently. The next key support is at 108.24, Nov 14 low. A
break would threaten a deeper sell-off towards 107.89, Nov 1 low. To resume the
uptrend and a bullish focus, the pair needs to retest and break 109.73. This
would open 109.93, May 30 high and 110.50, a Fibonacci projection.

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