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Lower Highs, Lower Lows As risk....>

DOLLAR-YEN TECHS
DOLLAR-YEN TECHS: Lower Highs, Lower Lows
As risk sold off on Tuesday, USDJPY was fairly rangebound before a recovery
later in the session. The 76.4% retracement from 104.56-114.73 at 112.33
provided near-term support ahead of the 100-dma at 112.07. Below here would
shift the outlook decidedly bearish, opening the Oct 26 low at 111.38. The up
trendline is providing resistance at 112.92 ahead of the 21-dma at 113.06. Above
here, bulls need to recover 114, targeting a move towards the ytd high at 114.55
which would confirm the resumption of the bigger picture bullish trend, opening
option-related resistance at 115.

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