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Japanese MOF sells Y4.7714tn 3-Month Bills:


Long End Leads The Morning Bid


Very Modest Bid Seen

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DOLLAR-YEN TECHS: Falters After Test To The 38.2% Fibo Retrace Level
*RES 4: Y111.25/38 1% vol band, 76.4% Fibo of Y112.20-Y108.73
*RES 3: Y111.05/15 Aug 4 high, swing target Y110.85-Y110.38
*RES 2: Y110.93/95 38.2% of Y114.50-Y108.73, Aug 16 high
*RES 1: Y110.45 Hourly resistance
*PRICE: Y110.00 @0921GMT
*SUP 1: Y109.55/60 Hourly support
*SUP 2: Y109.25 76.4% Fibo of Y108.73-Y110.95
*SUP 3: Y108.96 1% volatility band
*SUP 4: Y108.73 Aug 11 low
*COMMENTARY* The recovery reached and slightly extended through the 38.2% Fibo
retrace level at Y110.93 yesterday, before once again giving back some ground.
In this respect, now looking towards Y109.60-Y109.25 to halt the fall or once
again the near term bias will switch to the downside, Y108.96-Y108.73 then the
protection against a deeper Y108.13-Y107.86 decline. Meanwhile, Y110.45 stands
in the way of another attempt higher.

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