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Off Recent Lows *RES 4: 110.36.....>

DOLLAR-YEN TECHS
DOLLAR-YEN TECHS: Off Recent Lows
*RES 4: 110.36 High May 23
*RES 3: 110.29 High Jan 17 and bull trigger
*RES 2: 109.87 High Jan 23
*RES 1: 109.65 High Jan 24
*PRICE: 109.09 @ 20:36 GMT Jan 29
*SUP 1: 108.73 Low Jan 27
*SUP 2: 108.66 61.8% retracement of the Jan 8 - Jan 17 rally
*SUP 3: 108.27 76.4% retracement of the Jan 8 - Jan 17 rally
*SUP 4: 107.65 Low Jan 8 and key support
USDJPY managed a decent intraday recovery Tuesday. We have argued that the
recent pullback is most likely a correction with underlying bullish conditions
intact. For now though, a bearish risk is still present. If the pair however is
able to hold above recent lows and recover above 109.87, this would represent a
bullish development. On the downside, first support is at 108.73, Monday's low.
A break would open 108.66 and 108.27 allowing for an extension lower.

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