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Watch 106.98: *RES 4: 107.72/87....>

DOLLAR-YEN TECHS: Watch 106.98:
*RES 4: 107.72/87 50-dma / cloud base
*RES 3: 107.57 High Aug 2
*RES 2: 107.18/21 50% retracement of the Aug fall / Low Jul 18
*RES 1: 106.98 High Aug 13 and key resistance
*PRICE: 106.11 @ 04:54 GMT Aug 16
*SUP 1: 105.66 Low Aug 14
*SUP 2: 105.05 Low Aug 12 and key support
*SUP 3: 105.00 Psychological support
*SUP 4: 104.87 YTD low
USDJPY has traded in a more volatile manner over the past 48-hours. Resistance
has been defined at Tuesday's 106.98 high and represents an important S/T hurdle
for bulls. The trend remains bearish and if bears claw back any momentum, this
would open support at 105.05 and 105.00. From a Japanese candle perspective
however, Monday's pattern is a bullish engulfing, signalling a potential base. A
break above 106.98 though is required to validate this pattern.

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