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DOLLAR-YEN TECHS: Vulnerable Following Channel Break
*RES 4: 110.50 1.000 projection Aug 26 - Sep 18 rally from Oct 3 low
*RES 3: 109.93 High May 30
*RES 2: 109.49 High Nov 7 and bull trigger
*RES 1: 108.86 High Nov 14
*PRICE: 108.63 @ 10:28 GMT Nov 15
*SUP 1: 108.24 Low Nov 14
*SUP 2: 107.89 Low Nov 1 and key support
*SUP 3: 107.57 38.2% retracement of the Aug 26 - Nov 7 rally
*SUP 4: 107.04 Low Oct 10
USDJPY traded below support at 108.54 Thursday, the base of a channel drawn off
the Aug 26 low. The break allows for a deeper correction and has opened 107.89
initially, Nov 1 low. Clearance of this support would pave the way for a move to
107.57, 38.2% of the Aug 26 - Nov 7 rally. The 50% retracement is at 106.97.
Initial resistance is Thursday's intraday high of 108.86. A break above 108.86
and 109.00 is required to signal a return to bullish behaviour.