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108-109 Range The Theme Strong.....>

DOLLAR-YEN TECHS
DOLLAR-YEN TECHS: 108-109 Range The Theme
Strong US data Friday extended the recovery off weekly lows of 108.16 to an
eventual high of Y108.59. The move extended Monday, topping out at 108.71 in
Asia before settling around 108.60 throughout the European morning. USDJPY
remains locked in an outside range of 108-109. Bulls initial focus on Jun 11
high at 108.80. A topside break of the 21-dma at 108.98 and 109.04(trendline
drawn off 2019 high of 112.40 Apr24), brings the 38.2% retracement into view at
109.23. Bears need to clear the 108.00/05 level, which holds the 76.4% retrace
of the Jun6-11 recovery, Jun 6 low & 2019 support line. Below here exposes the
Jun 5 low & 61.8% retracement of the Jan-Apr rally at 107.82/75.

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