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Downtrend Stabilising USDJPY was...>

DOLLAR-YEN TECHS
DOLLAR-YEN TECHS: Downtrend Stabilising
USDJPY was able to close above the 109.50 level yesterday despite an intraday
dip below to keep the near term outlook neutral as the downtrend stabilises.
Near-term resistance is seen at 110.00/05 which holds the 38.2% fibo of the May
range and previous hourly highs on May 10. Above here would suggest a potential
base is forming, opening a run at the cloud base & 200-hma at 110.32/33. Bears
need a break and close below 109 to open the 50% retracement & Feb 1 low at
108.84/73. Further support is located at 108.50 from the Jan 31 low, ahead of
the 61.8% retracement & Jan 16 low at 108.38/37. 

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