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Bearish Near-Term Threat Remains...>

DOLLAR-YEN TECHS
DOLLAR-YEN TECHS: Bearish Near-Term Threat Remains
*RES 3: 110.29 High Jan 17 and bull trigger
*RES 2: 109.87 High Jan 23
*RES 1: 109.65 High Jan 24
*PRICE: 109.14 @ 16:48 GMT Jan 28
*SUP 1: 108.73 Low Jan 27
*SUP 2: 108.66 61.8% retracement of the Jan 8 - Jan 17 rally
*SUP 3: 108.27 76.4% retracement of the Jan 8 - Jan 17 rally
USDJPY remains under pressure given current risk-off themes, but manage a decent
intraday reversal Tuesday. We have recently argued that the current pullback is
most likely a correction with underlying bullish conditions intact. For now
though a bearish theme is set to dominate. If the pair is able to find support
though and recover above 109.87, this would represent a bullish development.
First support is at 108.73, yesterday's low. A break would open 108.66 and
108.27.

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