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Bearish Extension




Euribor Calls Prevalent

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DOLLAR-YEN TECHS: Needle Still Points South
*RES 4: 108.59 High Apr 10
*RES 3: 108.08 High Apr 16 and 17 and key resistance
*RES 2: 107.57 20-day EMA
*RES 1: 107.50 Apr 30 Recovery High
*PRICE: 106.86 @ 16:25 BST May 4
*SUP 1: 106.36 Low Apr 29 and bear trigger
*SUP 2: 105.81 Low Mar 17
*SUP 3: 105.21 61.8% retracement of the Mar 9 - 24 rally
*SUP 4: 104.51 Low Mar 13
USDJPY stalled at 107.50 Thursday and has since pulled back. An underlying
bearish theme remains in place reinforced by moving average studies that
continue to point south. Attention is on last Wednesday's low of 106.36 where a
break would open the next objectives at 105.81, Mar 17 low and 105.21, the 61.8%
retracement. Key resistance remains 108.08, the Apr 16 and 17 high. Initial firm
intraday resistance resistance is at 107.50.

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