Bearish Threat Remains *RES 4:.....>

DOLLAR-YEN TECHS: Bearish Threat Remains

*RES 4: 110.29 High Jan 17 and bull trigger

*RES 3: 109.87 High Jan 23

*RES 2: 109.65 High Jan 24

*RES 1: 109.27 High Jan 29

*PRICE: 108.90 @ 05:55 GMT Jan 30

*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

*SUP 4: 107.65 Low Jan 8 and key support

USDJPY managed a decent intraday recovery Tuesday but stalled at Wednesday's

high and has traded lower in Asia. We have argued that the recent pullback is

likely a correction with underlying bullish conditions intact. For now though, a

bearish risk is still present. If the pair however is able to hold above recent

lows and recover above 109.87, this would be bullish. On the downside, support

is at 108.73, Monday's low. A break would open 108.66 and 108.27.