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Off Its Lows Risk on flows.........>

DOLLAR-YEN TECHS
DOLLAR-YEN TECHS: Off Its Lows
Risk on flows overwhelmed broad dollar weakness to allow USDJPY to recover some
of its recent losses yesterday with bulls now looking for recovery of Monday's
high at 108.45 and the 109 level. Above here brings the 21-dma & May 31 high
back into view at 109.47/62. Bears focus on the 107.85 level marking yesterday's
low, below which would open the 107.77/52 from the Jan 10 & Jan 4 lows. A break
below here needed to extend the downtrend toward the 107.00 level.

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