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Bullish engulfing: *RES 4:.........>

DOLLAR-YEN TECHS: Bullish engulfing:
*RES 4: 107.82/87 50-dma / cloud base
*RES 3: 107.37/53 21-dma / Upper 1.0% 10-dma envelope
*RES 2: 107.18/21 50% retracement of the Aug fall / Low Jul 18
*RES 1: 106.98/107.09 High Aug 13 and Aug 6
*PRICE: 106.43 @ 04:41 GMT Aug 14
*SUP 1: 105.79/69 100-hma / High Aug 12
*SUP 2: 105.05 Low Aug 12 and key support
*SUP 3: 105.00 Psychological support
*SUP 4: 104.87 YTD low
USDJPY rallied sharply yesterday on positive trade headlines. From a Japanese
candle perspective, yesterday's pattern is a bullish engulfing reversal,
signalling a potential base. However additional bullish confirmation is required
for now. A break above yesterday's 106.98 high and 107.09, would be encouraging
for bulls. Until then, the bearish trend dominates and a retest and break of
support at 105.05 is still likely. Initial support is at 105.79, the 100-hma.

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