Focus is on a 108.38 break: *RES...>

DOLLAR-YEN TECHS: Focus is on a 108.38 break:

*RES 4: 109.59 50.0% of the Apr 24-Jun 25 decline

*RES 3: 108.99/109.02 High Jul 10 / Low May 13

*RES 2: 108.93 38.2% of the Apr 24-Jun 25 decline

*RES 1: 108.38 High Jul 16

*PRICE: 108.15 @ 04:05 GMT July 25

*SUP 1: 107.98/70 100-hma/ Low Jul 22

*SUP 2: 107.21 Low Jul 18

*SUP 3: 107.10 Low Jun 26

*SUP 4: 106.78 Low Jun 25 and key support

USDJPY continues to trade either side of 108.00, keeping the short-term uptrend

intact for now. Next resistance is seen at 108.38, the high of Jul 16, a break

here would be an encouraging sign for bulls and pave the way for a climb towards

the key 108.99 resistance. Momentum studies are constructive, reinforcing the

underlying bullish theme. On the downside, losses below 107.21 would offset the

bullish outlook and instead expose support at 106.78.