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Recovery Continues After Test To...>

DOLLAR-YEN TECHS
DOLLAR-YEN TECHS: Recovery Continues After Test To 50% Fibo Retrace Level
*RES 4: Y111.36/40 Equality rise from Y109.20, May 21 high
*RES 3: Y110.93/08 1.618 swing Y110.27-Y109.20, May 18 high
*RES 2: Y110.80 1% volatility band
*RES 1: Y110.62 76.4% Fibo of Y111.40-Y108.11
*PRICE: Y110.26 @0835GMT
*SUP 1: Y109.85/95 Hourly support
*SUP 2: Y109.50 Hourly congestion area Jun 8-11
*SUP 3: Y109.20 Jun 8 low, 50% of Y108.11-Y110.27
*SUP 4: Y109.08 May 30 high, now support
*COMMENTARY* Following last Wednesday's rally to Y110.27, the subsequent
pullback aided by some overbought hourly conditions, came to rest at Y109.20, a
50% Fibo retrace of the preceding rally from Y108.11. The following recovery has
today moved back through Y110.05-Y110.27, clearance here allowing the chance of
a better Y110.62-Y110.80 rise next. Support rises to Y109.95-Y109.85 but Y109.50
still protects the downside from another inquisition.

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