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Trendline resistance holding,......>

DOLLAR-YEN TECHS
DOLLAR-YEN TECHS: Trendline resistance holding, for now:
*RES 3: 109.02 May 13 low
*RES 2: 108.80 High Jun 11
*RES 1: 108.33 Trendline resistance drawn off the Apr 24 high
*PRICE: 107.98 @ 08:36 GMT June 27
*SUP 1: 107.65 Intraday low
*SUP 2: 107.43/31 100-ham/61.8% 106-78-108.16
*SUP 3: 106.78/65 Low Jun 25 / 76.4% of the Jan 3-Apr 24 rally
*SUP 4: 106.10 Bear channel base drawn off Apr 24 high
USDJPY short-term technicals have improved with the pair extending its recovery
through 108.00. A combination of a hammer formation on Tuesday and bullish
engulfing reversal line on Wednesday highlight a developing bullish theme. Both
these patterns are important Japanese candle reversal lines. Attention now turns
to trendline resistance at 108.33 today, where a break would essentially confirm
a reversal to bullish. A failure at the trendline is required to maintain the
bearish trend that has dominated since Apr 24. Thus 108.33 is a pivot level.

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