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Pullback Has To Hold...............>

DOLLAR-YEN TECHS
DOLLAR-YEN TECHS: Pullback Has To Hold Y108.62-Y108.54 To Retain Upside Momentum
*RES 4: Y110.27 61.8% Fibo of Y113.75-Y104.63, 1% vol band
*RES 3: Y110.04 May 2 high
*RES 2: Y109.75/80 Initial basing area May 2, now resistance
*RES 1: Y109.35/45 Hourly resistance
*PRICE: Y109.02 @1654GMT
*SUP 1: Y108.62 6 week rising support line
*SUP 2: Y108.54 Apr 24 low 
*SUP 3: Y107.97 38.2% Fibo of Y104.63-Y110.04
*SUP 4: Y107.78 Apr 13 high, now support
*COMMENTARY* Finally cleared troublesome Y109.51-Y109.61 resistance on Tuesday,
but the rise has been contained by the upper 1% volatility band, at Y110.06 on
Wednesday. This has risen by time today to join the 61.8% Fibo retrace level at
Y110.27. Aware that the rally from the Mar 23 low at Y104.63 is beginning to
look mature and a cap below the Nov 27 low at Y110.84 is possible. Meanwhile,
support from Y109.50-Y109.18 has been lost leaving Y108.62-Y108.54 now as key.

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