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Trades through the 107.61..........>

DOLLAR-YEN TECHS
DOLLAR-YEN TECHS: Trades through the 107.61 Fibonacci retracement:
*RES 3: 109.02 Low May 13 and key short-term resistance
*RES 2: 108.80 High Jun 11
*RES 1: 108.67/70 20-day EMA and trendline resistance drawn off the Apr 24 high
*PRICE: 107.54 @ 15:41 GMT June 20
*SUP 1: 107.47 Intraday/Jan 4 low
*SUP 2: 107.00 Round number support
*SUP 3: 106.61 Bear channel base drawn off the Apr 24 high
USDJPY hit fresh cycle lows in European trading hours down at 107.47, breaking
below former support at 107.88. This cements bearish conditions in USDJPY as the
price sequence of lower lows and lower highs extends. Momentum conditions are
bearish too and the recent inability to trade back above 109.00 is weighing on
the pair. The 61.8% retracement of the Jan 3-Apr 24 rally intersects at 107.61
and has been breached today, weakening the outlook. Follow through would further
strengthen the bearish outlook.

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