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DOLLAR-YEN TECHS: Immune to Large USD Moves
USDJPY broke to the downside out of its week-long range around the 112 level in
early Asian trading, dropping as low as 111.65. At the time of writing the cross
had recovered all of its losses, and stayed surprisingly stable through the USD
rally. 111.65 represents support from up trendline resistance from the Mar25
lows. Bears look for consolidation below here to suggest a potential downside
reversal, with a break below the 200-dma at 111.51 needed for confirmation.
Bulls continue to target Wednesday's high at 112.17 to ignite some upside
momentum. Above here opens the 76.4% retracement of the Oct - Jan fall at
112.25, ahead of the Dec 20 high at 112.60.