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Tough time cracking Y109: *RES.....>

DOLLAR-YEN TECHS
DOLLAR-YEN TECHS: Tough time cracking Y109:
*RES 3: 109.59/73 50.0% of the Apr 24-Jun 25 decline / 100-dma
*RES 2: 109.02 Low May 13
*RES 1: 109.00 Jul 31 High
*PRICE: 108.83 @ 19:49 GMT July 31
*SUP 1: 108.36/107.94 200-hma / Low Jul 24
*SUP 2: 107.21 Low Jul 18 and key support
*SUP 3: 107.10 Low Jun 26
The Fed lent the pair further support Wednesday with a hawkish 25bps rate cut,
but bulls had a tough time cracking Y109, with prices retreating sharply on
approach to the mark. This keeps the handle as firm resistance and the initial
bullish target. A break and close above this level would indicate scope for
further strength. Momentum studies remain constructive too, reinforcing the
bullish theme. On the downside, losses below 107.21 would offset the positive
outlook. Initial support though lies at 107.94.

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