Finding Support At 109.27 *RES.....>

DOLLAR-YEN TECHS: Finding Support At 109.27

*RES 4: 110.53/67 76.4% of the Apr 24 - Aug 26 decline / High May 21

*RES 3: 110.36 High May 23

*RES 2: 110.29 High Jan 17 and bull trigger

*RES 1: 109.87 High Jan 23

*PRICE: 109.39 @ 16:20 GMT Jan 24

*SUP 1: 109.27 Low Jan 23 and key intraday support

*SUP 2: 108.97 50% retracement of the Jan 8 - Jan 17 rally

*SUP 3: 108.66 61.8% retracement of the Jan 8 - Jan 17 rally

*SUP 4: 108.27 76.4% retracement of the Jan 8 - Jan 17 rally

USDJPY remains under pressure given over-arching risk-off themes. Support has

been defined at the Thursday low of 109.27 and this represents an important

intraday level. We have argued that the recent pullback is most likely a

correction with underlying bullish conditions intact. This would be reinforced

if the pair is able to hold above 109.27 and resume its move higher with initial

key resistance at 110.29, Jan 17 high. Sub 109.27 exposes a deeper pullback.