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DOLLAR-YEN TECHS: Strikes Multi-month Highs But Fails to Hold
*RES 3: 109.93 High May 30
*RES 2: 109.32/37 High Aug 1 / 61.8% retracement Apr 24 - Aug 26 decline
*RES 1: 109.29 High Oct 30
*PRICE: 108.77 @ 19:33 GMT Oct 30
*SUP 1: 108.25 Low Oct 23
*SUP 2: 107.85 Low Oct 11 / Channel support drawn off Aug 26 low
*SUP 3: 107.04 Low Oct 10
Rate spiked on release of Fed rate decision, breaking firmly above the 200-dma
and printing the best levels since early August. The gains were fleeting,
however, prompting markets retrace and settle either side of the Y109 mark. The
moves remain constructive, but a close above the 200-dma is now needed to cement
the next move higher. This would open 109.32, Aug 1 high and 109.93, May 30
high. 110.61 marks the projected top of a bull channel drawn off Aug 26 low and
is an objective further out. Support is 108.25, Oct 23 low.