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Topside Gains Limited USDJPY.......>

DOLLAR-YEN TECHS
DOLLAR-YEN TECHS: Topside Gains Limited
USDJPY staged a modest recovery through Europe, but has since pared gains amid
the backdrop of soft UST yields. Rate gyrates around the 110 level with bears
initial downside target at 109.65 from the Feb 8 low, below here opens the 38.2%
retracement of the Jan-Mar rally at 109.36. Bulls need to recover 111.00 & the
100-dma at 111.18 to stabilise the outlook, above here brings the 200-dma &
broken channel support-turned-resistance into view at 111.45/70.

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