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BoJ Decision, Japan's Retail Sales Eyed


(Z1) Downside Pressure Resumes


Early Vol. Observed In YM

EURO-YEN TECHS: Rally Attempting Another Test To 5 Month Channel Top
*RES 4: Y130.72 1.618 projection target from Y127.14
*RES 3: Y130.36 Jun 14 high
*RES 2: Y129.91/94 1.618 swing Y128.85-Y127.14, 1% vol band
*RES 1: Y129.75 5 month bear channel top
*PRICE: Y129.43 @0728GMT
*SUP 1: Y128.80/97 Hourly support, Jul 4 high
*SUP 2: Y128.58 Jul 5 low
*SUP 3: Y128.35/42 50% Fibo of Y127.14-Y129.57, Jul 2 low
*SUP 4: Y128.07 61.8% Fibo of Y127.14-Y129.57
*COMMENTARY* The continued hold above the 50% Fibo retrace level at Y128.35 has
been the inspiration for the full recovery and now above the week's previous
Y129.57 high. Through and the Y129.75-Y129.91 area, is likely to provide the
next resistance, the upper 1% volatility band also residing at Y129.94 today.
This region the bar to a Y130.36 return. Support comes from Y128.97-Y128.80,
with yesterday's Y128.58 low thereafter.