Key Resistance Defined At 112.23...>

DOLLAR-YEN TECHS: Key Resistance Defined At 112.23

*RES 4: 113.71 High Dec 13, 2018

*RES 3: 112.62 2.0% 10-dma envelope

*RES 2: 112.40 High Apr 24, 2019

*RES 1: 112.23 High Feb 20 and key resistance

*PRICE: 111.59 @ 05:51 GMT Feb 24

*SUP 1: 111.11 Low Feb 20

*SUP 2: 110.29 High Jan 17

*SUP 3: 109.85 Low Feb 19

*SUP 4: 109.62 Low Feb 13

USDJPY bulls appear to have a touch of vertigo at recent elevated levels, with

gains above 112.00 looking hard to maintain. Momentum studies are beginning to

highlight the risk of a top with readings in overbought territory. The RSI

recently entered the 70% range. This highlights the importance of last week's

high of 112.23 as a key resistance. A break would resume the uptrend. On the

downside, a breach of 111.11 would allow for a deeper corrective pullback.