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

DOLLAR-YEN TECHS
DOLLAR-YEN TECHS: Bearish Threat Still Present
*RES 4: 108.32 1.0% 10-dma envelope
*RES 3: 108.16 High Jul 1 and the bull trigger
*RES 2: 107.79 High Jul 7
*RES 1: 107.53 High Jul 20
*PRICE: 107.20 @ 18:26 BST Jul 20
*SUP 1: 106.67/65 Low Jul 15 / Jul 10 and intraday bear trigger
*SUP 2: 106.07 Low Jun 23
*SUP 3: 105.99 Low May 6 and 7 and key support
*SUP 4: 105.21 61.8% retracement of the Mar 9 - 24 rally
USDJPY continues to essentially consolidate. Bearish pressure is still seen
likely near-term. On Jun 10, support at 106.80, Jun 26 low was breached
reinforcing a bearish bearish tone. The break has exposed key support at
106.07/105.99, Jun 23 low and May 6/7 low. Clearance of this area would
represent an important bearish break. On the upside, firm S/T resistance is at
107.79, Jul 7 high. Initial resistance though is today 107.53 intraday high.

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