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Bearish Despite Today's (Modest)...>

DOLLAR-YEN TECHS
DOLLAR-YEN TECHS: Bearish Despite Today's (Modest) Bounce
*RES 4: 111.04 High Feb 25
*RES 3: 110.46 High Feb 27
*RES 2: 109.68 High Feb 28
*RES 1: 109.00 38.2% retracement of the Feb 20 - Mar 2 decline
*PRICE: 108.01 @ 17:09 GMT Mar 2
*SUP 1: 107.01 Intraday low
*SUP 2: 106.48 Low Oct 3 and key support
*SUP 3: 105.74 Low Sep 3
*SUP 4: 105.59 Low Aug 27
USDJPY traded to a fresh low in the Asia session although the pair also
rebounded quite sharply off the low. Bearish conditions still dominate though
following last week's sharp sell-off that started off the Feb 20 high of 112.23.
Momentum studies are pointing south having recently pulled away from overbought
territory and this reinforces the current bearish condition. A break below
today's low of 107.01 would open 106.48. Firm resistance is at 109.68.

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