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DOLLAR-YEN TECHS: Approaches 109.73 key Resistance
*RES 4: 110.53 76.4% retracement of the Apr 24 - Aug 26 decline
*RES 3: 110.36 High May 23
*RES 2: 109.87/93 1.0% 10-dma envelope / High May 30
*RES 1: 109.73 High Dec 2 and key resistance
*PRICE: 109.56 @ 16:04 GMT Jan 10
*SUP 1: 109.01 Low Jan 9
*SUP 2: 107.62 Low Jan 8
*SUP 3: 107.10 50% retracement of the Aug 26 - Dec 2 rally
*SUP 4: 106.81 Low Oct 8
The strong rebound in USDJPY continues to extend and more is seen likely
near-term. The pair is approaching key resistance at the Dec 2 high of 109.73. A
break of this level would represent a significant bullish development and
confirm a resumption of the underlying bull trend that has been in place since
Aug 26 last year. A break higher would open 109.93 and expose 110.00 and beyond.
Support for today lies at 109.01, Thursday's low.