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Y110.15 Break Allows...............>

DOLLAR-YEN TECHS
DOLLAR-YEN TECHS: Y110.15 Break Allows Y109.58-Y109.07 Fall
*RES 4: Y111.23 Jan 22 high
*RES 3: Y110.85/90 Congestion area Jan 19-22
*RES 2: Y110.49 Jan 19 low, now resistance
*RES 1: Y110.19 Jan 17 low, now resistance
*PRICE: Y109.65 @0925GMT
*SUP 1: Y109.58 3 month bear channel proj'n, 1% vol band
*SUP 2: Y109.39 1.618 swing of Y110.19-Y111.48
*SUP 3: Y109.07 76.4% Fibo of Y107.32-Y114.74
*SUP 4: Y108.51 2% volatility band
*COMMENTARY* With the recovery failing to move any higher than Y111.48, we have
gradually moved back lower over the course of the last week, until
Y110.19-Y110.15 support has finally given way. This now sees the scope for a
deeper fall which sees the lower 1% volatility band join the 3 month bear
channel base at Y109.58, ahead of Y109.39-Y109.07 support. Resistance initially
from two previous Y110.19-Y110.49 lows.

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