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Midday Spike Not Enough *RES 3:....>

DOLLAR-YEN TECHS
DOLLAR-YEN TECHS: Midday Spike Not Enough
*RES 3: 109.06 High Apr 9
*RES 2: 108.59 High Apr 10
*RES 1: 108.08 High Apr 16 and 17
*PRICE: 107.66 @ 17:17 BST Apr 23
*SUP 1: 106.92/93 Low Apr 1 and bear trigger / Low Apr 15
*SUP 2: 106.76 Low Mar 18
*SUP 3: 106.45 50.0% retracement of the Mar 9 - 24 rally
USDJPY is unchanged although underwent a decent rally at the midpoint of the US
session. Nonetheless, prices failed to break out in either direction, retaining
the consolidation theme. The pair managed to find support ahead of 106.92, Apr 1
low last week. Attention remains on this support though following the failure at
109.38 on Apr 6. In order to reinstate a bullish theme, clearance of 109.38 is
required. This resistance marks the key bull trigger and a break would open
110.00 and beyond. On the downside, losses through 106.92 would be bearish
exposing 106.45, a Fibonacci retracement.

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