Approaches key 61.8%...............>

DOLLAR-YEN TECHS: Approaches key 61.8% retracement:

*RES 4: 109.02 Low May 13

*RES 3: 108.93/99 38.2% of the Apr 24-Jun 25 decline / High Jul 10

*RES 2: 108.38 High Jul 17

*RES 1: 108.00 Intraday high

*PRICE: 107.72 @ 04:31 GMT July 18

*SUP 1: 107.62 61.8% retracement of the rally between Jun 25-Jul 10

*SUP 2: 107.53 Low Jul 3

*SUP 3: 107.10/00 Low Jun 26 / Former channel resistance off the Jul 3 low

*SUP 4: 106.78 Low Jun 25

USDJPY traded below 107.80 in Asia. The break lower exposes 107.62, 61.8% of the

rally between Jun 25-Jul 10. Whether the move lower is a correction or part of a

deeper sell-off will depend on the retracement level. A break would open 107.53,

the low of Jul 3 where a breach would in turn expose 107.10 and 106.78. On the

upside, the ability to hold above the retracement and also break above 108.38,

would be encouraging for bulls. Watch 107.62.