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Technicals

USD/JPY - 106.40 Daily Market Outlook - Jul 21

21 Jul, 2008 @ 08:43 pm EST
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Although dollar has retreated after rising to a marginal high yesterday at 107.16 and minor consolidation below there would be seen, reckon previous support at 105.97 would limit downside and yield a rebound later, however, a break above said resistance is needed to confirm upmove from 103.77 has resumed and extend gain towards 107.50.  

  

On the downside, below 105.70/80 would signal temporary top is in place and risk stronger correction towards 105.29 (previous resistance).

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