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106.98 key resistance: *RES 4:.....>

DOLLAR-YEN TECHS
DOLLAR-YEN TECHS: 106.98 key resistance:
*RES 4: 107.53 50-dma
*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: 106.43 @ 17:40 GMT Aug 22
*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 continues to trade below key resistance at 106.98, the low of Aug 13. The
underlying bearish trend remains intact and the focus is on initial support at
105.66, the Aug 14 low ahead of the key 105.05/00 level. From a Japanese candle
perspective, the bullish engulfing pattern on Aug 8 is still important and
signals a potential base. A break above 106.98 however is required to validate
this pattern and would confirm a reversal.

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