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DOLLAR-YEN TECHS: Focus is on bullish engulfing:
*RES 4: 109.32 High Aug 1 and key resistance
*RES 3: 109.00 Round number resistance
*RES 2: 108.48 Sep 18 High and bull trigger
*RES 1: 108.18 High Sep 27
*PRICE: 108.10 @ 15:56 GMT Sep 27
*SUP 1: 106.96 Low Sep 24 and key near-term support
*SUP 2: 106.80 1.0% Lower Bollinger band
*SUP 3: 106.47 50% retracement of Aug 26 - Sep 18 rally
*SUP 4: 106.00 61.8% retracement of Aug 26 - Sep 18 rally
The focus in USDJPY is on Wednesday's recovery where, at the days close the
bounce resulted in the formation of a strong candle pattern, a bullish engulfing
reversal. The significance of this pattern is reinforced by the fact that, apart
from a brief probe 106.98, Sep 13 high provided support. Attention is on the
108.48 bull trigger, Sep 18 high where a break would open 109.00 and 109.32.
First support lies at 106.96, Tuesday's low.
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