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G20 Summit/month-end flows: *RES...>

DOLLAR-YEN TECHS
DOLLAR-YEN TECHS: G20 Summit/month-end flows:
*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: 107.62 @ 09:01 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. Focus turns to G20 headlines and month-end flows which is
expected to see strong dollar sales. Despite this, 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. Trendline resistance
crosses 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.

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