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On The Back Foot *RES 4: 108.08....>

*RES 4: 108.08 High Apr 16 and 17 and key resistance
*RES 3: 107.79 20-day EMA
*RES 2: 107.34 High Apr 28
*RES 1: 106.92 Low Apr 1 and recent breakout level
*PRICE: 106.55 @ 05:57 BST Apr 29
*SUP 1: 106.45 50.0% retracement of the Mar 9 - 24 rally
*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 remains on the back foot following yesterday's break of key support at
106.92, Apr 1 low. The move through this level confirms a resumption of the
downleg that started on Mar 24 when the pair stalled at 111.71. The focus is on
106.45, 50.0% retracement of the Mar 9 - 14 rally. A break of the retracement
level would open 105.81, Mar 17 low and 105.21, the 61.8% level. Key resistance
is at 108.08, Apr 16/17 high. Initial resistance is at 107.34.

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