Bulls Need to Base at 112 *RES.....>

DOLLAR-YEN TECHS: Bulls Need to Base at 112

*RES 3: 112.65 2.0% 10-dma envelope

*RES 2: 112.40 High Apr 24, 2019

*RES 1: 112.23 High Feb 20

*PRICE: 111.74 @ 17:02 GMT Feb 21

*SUP 1: 109.53 Low Feb 7 and key intraday support

*SUP 2: 109.30 Low Feb 5

*SUP 3: 108.55 Low Jan 4

Bulls still seem to have a touch of vertigo at these elevated levels, with gains

above 112.00 looking hard to maintain. Bulls need to cement a base at these

levels to add to the viability of further upside, but momentum studies are

beginning to suggest the pair is overbought. The RSI holds above 70 for the

first time since September 2018. Resistance sits firm at 112.40, but a close

above would open 113.71 in the medium-term. To slow the incline from here, bears

need to temper markets back below 111 initially.