Based at 50% retracement level:....>

DOLLAR-YEN TECHS: Based at 50% retracement level:

*RES 4: 109.59/62 50.0% retracement of Apr 24-Jun 25 decline / High May 31

*RES 3: 109.02    Low May 13

*RES 2: 108.93/99 38.2% retracement of Apr 24-Jun 25 decline / High Jul 10

*RES 1: 108.46/57 Intraday high / 100-hma

*PRICE: 108.05    @ 08:40 GMT July 11

*SUP 1: 107.53    Low Jul 3

*SUP 2: 107.44    Channel resistance now support drawn off the Jul 3 low

*SUP 3: 107.10    Low Jun 26

USDJPY topped out at 108.99 yesterday, the sharp retracement extended through

NY/Asia to 107.86 before meeting support from the 50% retracement level of

106.78-108.99. The recent bear channel breakout highlighted a bullish price

sequence in the pair that for now remains in place. Today the former channel top

now support, intersects at 107.44 and represents a key level. The ability to

hold above this support would maintain the recent bullish recovery and avoid a

deeper retracement if breached. Initial resistance is at 108.46.