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DOLLAR-YEN TECHS: Key intraday support at 107.31:
*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: 108.09 High Sep 20
*PRICE: 107.64 @ 08:18 GMT Sep 24
*SUP 1: 107.31 Low Sep 23 and key intraday support
*SUP 2: 107.23 High Sep 5
*SUP 3: 106.98 High Aug 13 and former breakout level
*SUP 4: 106.47 50% retracement of Aug 26 - Sep 18 rally
USDJPY continues to retrace having found resistance 108.48, Sep 18 high. The
pullback is still viewed as a correction. 108.48 is the trigger for a resumption
of gains that would open 109.00 and 109.32. Note however that Thursday's candle
is a bearish engulfing and most likely a concern for bulls. Furthermore, the
break of support yesterday at 107.46 is a bearish development. A move below
yesterday's 107.31 low would likely result in a deeper pullback.