Bearish Threat Still Present.......>

DOLLAR-YEN TECHS: Bearish Threat Still Present

*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: 108.59 @ 16:36 GMT Feb 3

*SUP 1: 108.31 Low Jan 31

*SUP 2: 108.27 76.4% retracement of the Jan 8 - Jan 17 rally

*SUP 3: 108.06 38.2% August - January rise

*SUP 4: 107.65 Low Jan 8 and key support

USDJPY sold off Friday clearing initial former support at 108.58. The move lower

maintains a bearish theme and places on hold, for now at least, the potential

for a recovery. Momentum studies remain in a bear mode reinforcing the current

outlook. Further weakness would open the 108.00 handle ahead of the next key

support 107.65, the Jan 8 low. On the upside, resistance has been defined at

109.27, Jan 29 high. A break here is required to alter the picture.