111.00 Proving Hard to Overcome....>

DOLLAR-YEN TECHS: 111.00 Proving Hard to Overcome

USDJPY briefly touched 111.00, but again encountered strong headwinds above the

figure. Despite this pullbacks have so far remained shallow and keeps the

short-term outlook neutral. Topside focus remains on the recent range highs &

200-dma at 111.24/32. Above here would reignite momentum opening the 111.35/45

area which registered a series of previous highs through December. Bears need to

clear the Feb 15 low & 50-dma at 110.26/109.80 to regain control. Below here

would bring the 109.50/55 level back into view which holds the Feb 6 low & 61.8%

fibo support.