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Shallow Recovery The heavy tone....>

DOLLAR-YEN TECHS
DOLLAR-YEN TECHS: Shallow Recovery
The heavy tone spilled over into Europe with a move to multi-month lows of
107.85. Recovery efforts have so far been capped ahead of 108.30 and keeps the
recent downtrend intact. Near-term support is seen at 107.77/52 from the Jan 10
& Jan 4 lows. Further support is located at 107.44 from the 3% lower Bollinger
band, with a break here needed to extend the downtrend toward the 107.00 level.
Bulls have the tough task of recovering yesterday's high at 108.45 and the 109
level, above here brings the 21-dma & May 31 high back into view at 109.56/62.

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