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Needle Still Points North *RES.....>

DOLLAR-YEN TECHS
DOLLAR-YEN TECHS: Needle Still Points North
*RES 4: 111.15 Bull channel top drawn off Aug 26 low
*RES 3: 110.50 1.000 projection Aug 26 - Sep 18 rally from Oct 3 low
*RES 2: 109.93 High May 30
*RES 1: 109.49 High Nov 7
*PRICE: 109.05 @ 18:17 GMT Nov 12
*SUP 1: 108.65 Low Nov 7
*SUP 2: 108.40 Channel base drawn off Aug 26 low
*SUP 3: 107.89 Low Nov 1
*SUP 4: 107.85 Low Oct 11
USDJPY is off earlier highs Tuesday but retains a bullish outlook. The bullish
tone follows the recent strong recovery that began on Nov 1, off 107.89. This
rally marked a rebound off trendline support drawn off the Aug 26 low that
currently intersects at 108.40. Last weeks gains saw prices trade above the
former resistance at 109.29, Oct 30 high. The breach confirms a resumption of
the uptrend and opens 109.93 next. First support is 108.65, Nov 7 low.

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