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Further Pressure On 200-DMA........>

DOLLAR-YEN TECHS: Further Pressure On 200-DMA Likely
*RES 4: 110.52 Bull channel top drawn off Aug 26 low
*RES 3: 109.93 High May 30
*RES 2: 109.32/37 High Aug 1 / 61.8% retracement Apr 24 - Aug 26 decline
*RES 1: 109.06/07 200-DMA / Intraday high
*PRICE: 108.91 @ 09:45 GMT Oct 29
*SUP 1: 108.25 Low Oct 23
*SUP 2: 107.85 Low Oct 11
*SUP 3: 107.63 Trendline / channel support drawn off Aug 26 low
*SUP 4: 106.81 Low Oct 8
USDJPY maintains a bullish outlook reinforced by yesterday's move higher through
resistance at 108.94, Oct 17 high. This confirms the recent consolidation as a
bull flag and resumes the uptrend. Prices have tested the 200-DMA at 109.06
where a clear break would open 109.32, Aug 1 high and 109.93, May 30 high.
110.52 marks the projected top of a bull channel drawn off Aug 26 low and is an
objective further out. Support has been defined at 108.25, Oct 23 low.

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