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Back on The Defensive Having.......>

DOLLAR-YEN TECHS
DOLLAR-YEN TECHS: Back on The Defensive
Having breached the 110 level yesterday, the downtrend extended through 109.50
into Asia. Recovery efforts have so far remained shallow and shifts the
short-term outlook neutral. Downside focus returns to the May 13 low at 109.02 &
109.00 level. Below here opens the 50% retracement of 99.02-118.66 & Jan 31 low
at 108.84/50. Bulls need to recover the 110 level on a closing basis, before
challenging the 21 & 100-dma's at 110.38/56.

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