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USDJPY has retraced from its high June 16 at 108.57 to the low June 30 at 104.97 to the 50% retracement level at 106.75  A break through this level could yield 61.8% retracement at 107.18.  If resistance holds we could see a dip back down to former resistance which is now  support at 106.34 and down to 105.85. CLICK PICTURE FOR LARGER CHART