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DOLLAR-YEN TECHS: Bullish engulfing:
*RES 4: 109.32 High Aug 1 and key resistance
*RES 3: 109.00 Round number resistance
*RES 2: 108.48 Sep 18 High and bull trigger
*RES 1: 107.88 High Sep 25
*PRICE: 107.63 @ 15:05 GMT Sep 26
*SUP 1: 106.96 Low Sep 24 and key near-term support
*SUP 2: 106.60 1.0% Lower Bollinger band
*SUP 3: 106.47 50% retracement of Aug 26 - Sep 18 rally
*SUP 4: 106.00 61.8% retracement of Aug 26 - Sep 18 rally
USDJPY managed to eke out a 107.88 print Wednesday. The bounce resulted in the
formation of a strong candle pattern, a bullish engulfing reversal. The
significance of this pattern is reinforced by the fact that apart from a brief
probe, support at 106.98 held. Attention turns to the potential for gains with
the focus on the 108.48 bull trigger, Sep 18 high where a break would open
109.00 and 109.32. First support lies at 106.96, Tuesday's low.