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Elevated Levels USDJPY touched.....>

DOLLAR-YEN TECHS
DOLLAR-YEN TECHS: Elevated Levels
USDJPY touched fresh year-to-date highs of 112.17, but has since drifted towards
the handle. Despite this, pullbacks have so far remained shallow and keeps the
uptrend intact. The next layer of resistance is seen at 112.25 which represents
the 76.4% retracement of the Oct - Jan fall. A break opens the Dec 20 high &
50-mma at 112.60/71. Bears look for a close back under 112 to suggest a
potential downside reversal, with a break below the 200-dma at 111.52 needed for
confirmation.

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