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DOLLAR-YEN TECHS: Breaks to a New 2020 High
*RES 4: 109.87 1.0% 10-dma envelope
*RES 3: 109.73 High Dec 2 and key resistance
*RES 2: 109.50 High Dec 30
*RES 1: 109.10 High Jan 8
*PRICE: 109.05 @ 17:05 GMT Jan 8
*SUP 1: 107.62 Intraday low
*SUP 2: 107.10 50% retracement of the Aug 26 - Dec 2 rally
*SUP 3: 106.81 Low Oct 8
*SUP 4: 106.48 Low Oct 3
After a choppy session, USDJPY settled higher and north of 109.00 after trading
an overnight low at 107.62. This goes a long way to repairing the previously
bearish technical outlook, with bulls now eyeing the Dec30 highs of 109.50 as
initial resistance. Nonetheless, the pair remains vulnerable to setbacks after
clearing support at 108.43, the Dec 4 low and 108.24, Nov 14 low. Any return
back below here would re-open 107.89 and lower.