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Pivot resistance at 106.98: *RES...>

DOLLAR-YEN TECHS
DOLLAR-YEN TECHS: Pivot resistance at 106.98:
*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: 106.63 @ 08:24 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
USDJPY is trying to gain some upside momentum however for now 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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