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Off Cycle Highs Risk appetite......>

DOLLAR-YEN TECHS
DOLLAR-YEN TECHS: Off Cycle Highs
Risk appetite underpinned overnight, USDJPY printed 4-month highs of 112.17
before fading. Despite this, pullbacks have so far remained shallow and keeps
the recent uptrend intact. The next layer of resistance is seen at 112.25 which
represents the 76.4% retracement of the Oct - Jan fall. A break opens the Dec 20
high & 50-mma at 112.60/71. Bears look for a close back under 112 to suggest a
potential downside reversal, with a break below the 200-dma at 111.52 needed for
confirmation.

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