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Key Resistance Defined At 112.23...>

DOLLAR-YEN TECHS
DOLLAR-YEN TECHS: Key Resistance Defined At 112.23
*RES 4: 113.71 High Dec 13, 2018
*RES 3: 112.62 2.0% 10-dma envelope
*RES 2: 112.40 High Apr 24, 2019
*RES 1: 112.23 High Feb 20 and key resistance
*PRICE: 111.59 @ 05:51 GMT Feb 24
*SUP 1: 111.11 Low Feb 20
*SUP 2: 110.29 High Jan 17
*SUP 3: 109.85 Low Feb 19
*SUP 4: 109.62 Low Feb 13
USDJPY bulls appear to have a touch of vertigo at recent elevated levels, with
gains above 112.00 looking hard to maintain. Momentum studies are beginning to
highlight the risk of a top with readings in overbought territory. The RSI
recently entered the 70% range. This highlights the importance of last week's
high of 112.23 as a key resistance. A break would resume the uptrend. On the
downside, a breach of 111.11 would allow for a deeper corrective pullback.

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