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Inching Higher Towards 108.48:.....>

DOLLAR-YEN TECHS
DOLLAR-YEN TECHS: Inching Higher Towards 108.48:
*RES 4: 109.32 High Aug 1 and key resistance
*RES 3: 109.00 Round number resistance
*RES 2: 108.48 Sep 18 High and bull trigger
*RES 1: 108.30 Intraday high
*PRICE: 108.25 @ 04:46 GMT Oct 1
*SUP 1: 107.43 Low Sep 26
*SUP 2: 106.96 Low Sep 24 and key near-term support
*SUP 3: 106.94 1.0% Lower Bollinger band
*SUP 4: 106.47 50% retracement of Aug 26 - Sep 18 rally
USDJPY has started the week on a positive note extending the bounce that began
last Wednesday. Activity on this day resulted in the formation of a strong
candle pattern, a bullish engulfing reversal. The significance of this pattern
was reinforced by the fact that, apart from a brief probe 106.98, Sep 13 high
provided support. Attention is on the 108.48 bull trigger, Sep 18 high where a
break would open 109.00 and 109.32. Key support lies at 106.96, Sep 24 low.