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Holding below key 106.998..........>

DOLLAR-YEN TECHS: Holding below key 106.998 resistance:
*RES 4: 107.62/87 50-dma / cloud base
*RES 3: 107.57 High Aug 2
*RES 2: 107.18/21 50% retracement of the Aug fall / Low Jul 18
*RES 1: 106.98 High Aug 13 and key resistance
*PRICE: 106.57 @ 04:14 GMT Aug 20
*SUP 1: 105.66 Low Aug 14
*SUP 2: 105.05 Low Aug 12 and key support
*SUP 3: 105.00 Psychological support
*SUP 4: 104.87 YTD low
USDJPY resistance is at the last Tuesday's 106.98 high and represents an
important short-term hurdle for bulls. The underlying bearish trend remains
intact and the focus is on initial support at 105.66, the Aug 14 low ahead of
the key 105.05/00 level. From a Japanese candle perspective however, the bullish
engulfing pattern on Aug 8 signals a potential base. A break above 106.98
however is required to validate this pattern.

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