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Trading back above the bear channel......>

DOLLAR-YEN
DOLLAR-YEN: Trading back above the bear channel top:
*RES 4: 109.62 High May 31
*RES 3: 109.02 May 13 low
*RES 2: 108.80 High Jun 11
*RES 1: 108.64 High Jul 5
*PRICE: 108.34 @ 04:32 GMT July 8
*SUP 1: 107.71 Channel resistance now support drawn off the Apr 24 high
*SUP 2: 107.53 Low Jul 3 and key support
*SUP 3: 107.10 Low Jun 26
*SUP 4: 106.78/65 Low Jun 25 / 76.4% of the Jan 3-Apr 24 rally
USDJPY begins week on a firm note. Friday's rally probed resistance at 108.53,
the high of Jul 1. More importantly, the move has defined a key support level at
107.53 and price action is once again trading outside and above the former bear
channel drawn off the Apr 24 high. This suggests scope for a continued push
higher and the trigger is at Friday's 108.64 high. A break would open 108.80 and
109.02 initially. Momentum studies are bullish too.

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