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DOLLAR-YEN TECHS: Has Entered A Corrective Phase
*RES 4: 110.17 Bull channel top drawn off Aug 26 low
*RES 3: 109.32/37 High Aug 1 / 61.8% retracement Apr 24 - Aug 26 decline
*RES 2: 109.08 200-DMA
*RES 1: 108.94 High Oct 17
*PRICE: 108.34 @ 05:04 GMT Oct 23
*SUP 1: 108.16 Low Oct 16
*SUP 2: 107.85 Low Oct 11
*SUP 3: 107.41 Trendline support drawn off Aug 26 low
*SUP 4: 106.81 Low Oct 8
USDJPY's remains in its current corrective mode with prices still edging lower.
A bullish outlook however remains intact. The focus is on a test of the 200-DMA
at 109.08. A broader bullish resumption was confirmed Oct 16 following the clear
breach of, and close above the former bull trigger at 108.48, Sep 18 high. A
move above the 200-DMA average would open 109.32, Aug 1 high and 109.93, May 30
high. Trendline support lies at 107.41, drawn off the Aug 26 low.