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Focus is on trendline..............>

DOLLAR-YEN TECHS
DOLLAR-YEN TECHS: Focus is on trendline resistance:
*RES 3: 109.02 May 13 low
*RES 2: 108.80 High Jun 11
*RES 1: 108.16/24 High Jun 27 / Trendline resistance drawn off the Apr 24 high
*PRICE: 107.63 @ 04:55 GMT June 28
*SUP 1: 107.56 Intraday low
*SUP 2: 107.49/31 100-hma/61.8% 106-78-108.16
*SUP 3: 106.78/65 Low Jun 25 / 76.4% of the Jan 3-Apr 24 rally
USDJPY retreated off yesterday's high as bulls pause for breath following gains
earlier this week. The outlook for now remains positive, with a combination of a
hammer formation on Tuesday and bullish engulfing reversal line on Wednesday
highlighting a developing bullish theme. Both these patterns are important
candle reversal lines. Attention now turns to trendline resistance at 108.24
today, where a break would essentially confirm a reversal to bullish. A failure
at the trendline is required to maintain the bearish trend that has dominated
since Apr 24.

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