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Shallow Recovery USDJPY briefly....>

DOLLAR-YEN TECHS
DOLLAR-YEN TECHS: Shallow Recovery
USDJPY briefly dipped under 111.00 yesterday, before forming a base ahead of the
100-dma. Despite this recovery efforts have so far remained shallow and keeps
the recent downtrend intact. A break of 110.91 would further extend the
corrective pullback, opening the 38.2% retracement level of 104.56-114.55 & Mar
29 low at 110.73/54. Bulls need to recover the 200-dma at 111.50 to stabilise
the outlook, before challenging the Apr 5 high at 111.82.

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