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DOLLAR-YEN TECHS: Fails To Hold Above 200-DMA
*RES 4: 110.63 Bull channel top drawn off Aug 26 low
*RES 3: 109.93 High May 30
*RES 2: 109.32/37 High Aug 1 / 61.8% retracement Apr 24 - Aug 26 decline
*RES 1: 109.29 High Oct 30
*PRICE: 108.68 @ 05:49 GMT Oct 31
*SUP 1: 108.50 Low Oct 24
*SUP 2: 108.25 Low Oct 23
*SUP 3: 107.85/84 Low Oct 11 / Channel support drawn off Aug 26 low
*SUP 4: 107.04 Low Oct 10
USDJPY traded to a fresh high yesterday breaking above the 200-DMA with a print
of 108.89. The gains were fleeting, however, prompting a retracement to settle
below 109.00. Weakness has extended overnight too. Looking ahead, a close above
the 200-dma is now needed to cement the next move higher. This would open
109.32, Aug 1 high and 109.93, May 30 high. Key support has been defined at
108.25. A break would represent a bearish development.