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Tops Key Resistance *RES 4:........>

DOLLAR-YEN TECHS
DOLLAR-YEN TECHS: Tops Key Resistance
*RES 4: 110.29 High Jan 17 and bull trigger
*RES 3: 109.87 High Jan 23
*RES 2: 109.65 High Jan 24
*RES 1: 109.45 High Feb 4
*PRICE: 109.42 @ 16:45 GMT Feb 4
*SUP 1: 108.31 Low Jan 31
*SUP 2: 108.27 76.4% retracement of the Jan 8 - Jan 17 rally
*SUP 3: 108.06 38.2% August - January rise
*SUP 4: 107.65 Low Jan 8 and key support
A fine intraday recovery in the pair saw USDJPY top both 109.14, Jan 31 high and
109.27, Jan 29 high. This represents a bullish intraday development and suggests
the recent decline between Jan 17 and Jan 31 that we've viewed as a correction
is likely over. If correct, this would open scope for a stronger recovery
towards the Jan highs. Key support is Friday's 108.31 low. A break here would
resume recent bearsh pressure.

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