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Still Clinging To The 112 Area.....>

DOLLAR-YEN TECHS
DOLLAR-YEN TECHS: Still Clinging To The 112 Area
Despite breaking to the downside in early Asian trading yesterday USDJPY managed
to recover losses to keep the outlook neutral for now. To reignite upside
momentum bulls need to take out the April 17 high at 112.17 to ignite some
upside momentum. Above here opens the 76.4% level and prior range lows at
112.27. On the downside bears target up trendline support from the March 25 low
at 111.70 and yesterday's low at 111.65. Below here would suggest a potential
downside reversal, with a break below the 200-dma at 111.51 needed for
confirmation. 

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