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DOLLAR-YEN TECHS: Focus Is On A Test Of The 200-DMA
*RES 4: 110.17 Bull channel top drawn off Aug 26 low
*RES 3: 109.32/37 High Aug 1 / 61.8% retracement Apr 24 - Aug 26 decline
*RES 2: 109.08 200-DMA
*RES 1: 108.94 High Oct 17
*PRICE: 108.54 @ 09:22 GMT Oct 22
*SUP 1: 108.16 Low Oct 16
*SUP 2: 107.85 Low Oct 11
*SUP 3: 107.34 Trendline support drawn off Aug 26 low
*SUP 4: 106.81 Low Oct 8
USDJPY's bullish outlook remains intact despite the recent mild pullback and,
the pair did recover off its low yesterday. The focus is on a test of the
200-DMA at 109.08. A broader bullish resumption was confirmed Oct 16 following
the clear breach of, and close above the former bull trigger at 108.48, Sep 18
high. A move above the 200-DMA average would open 109.32, Aug 1 high and 109.93,
May 30 high. Initial support lies at 108.16, Oct 15 low.