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DOLLAR-YEN TECHS: Trendline Support Under Pressure
Up trendline support from the Mar23 lows has come under pressure on Wednesday
but at the time of writing, despite trading through the line, USDJPY was back
above. This keeps the outlook mildly bullish. To reignite upside momentum bulls
need to take out the April 17 high at 112.17. Above here opens the 76.4% level
of the Oct - Jan fall at 112.25, ahead of the Dec 20 high at 112.60. On the
downside bears target up trendline support from the March 25 low at 111.74 and
yesterday's low at 111.65. Below here would suggest a potential downside
reversal, with a break below the 200-dma at 111.51 needed for confirmation.