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Holding Above Its Channel Base.....>
DOLLAR-YEN TECHS: Holding Above Its Channel Base
*RES 4: 110.67 High May 21
*RES 3: 110.50 1.000 projection Aug 26 - Sep 18 rally from Oct 3 low
*RES 2: 109.93 High May 30
*RES 1: 109.49 High Nov 7
*PRICE: 108.74 @ 05:48 GMT Nov 14
*SUP 1: 108.63 Intraday low
*SUP 2: 108.54 Channel base drawn off Aug 26 low
*SUP 3: 108.18 Low Nov 4
*SUP 4: 107.89 Low Oct 1
USDJPY has retraced this week and is off recent highs. Key support is the
channel base at 108.54, the channel is drawn off the Aug 26 low. A break if
seen, would allow for a deeper corrective decline and open 107.89, Nov 1 low.
While the channel base holds however, the outlook remains bullish. A broader
recovery has been in place since late August and trend conditions remain
positive. The trigger for a resumption of strength is 109.49, Nov 7 high.
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