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Pivot resistance at 106.98: *RES...>

DOLLAR-YEN TECHS: Pivot resistance at 106.98:
*RES 4: 107.65/87 50-dma / cloud base
*RES 3: 107.57 High Aug 2
*RES 2: 107.18/21 50% retracement of the Aug fall / Low Jul 18
*RES 1: 106.98 High Aug 13 and key resistance
*PRICE: 106.34 @ 04:06 GMT Aug 19
*SUP 1: 105.66 Low Aug 14
*SUP 2: 105.05 Low Aug 12 and key support
*SUP 3: 105.00 Psychological support
*SUP 4: 104.87 YTD low
USDJPY trying to gain some upside momentum, though there's been little follow
through. Resistance remains at the last Tuesday's 106.98 high and represents an
important S/T hurdle for bulls. The overarching trend is still bearish and the
focus is on support at 105.05 and 105.00. From a Japanese candle perspective
however, Monday's pattern is a bullish engulfing, signalling a potential base. A
break above 106.98 though is required to validate this pattern.

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