On the backfoot: *RES 3:...........>

DOLLAR-YEN TECHS: On the backfoot:

*RES 3: 108.99/109.02 High Jul 10 / Low May 13

*RES 2: 108.93 38.2% of the Apr 24-Jun 25 decline

*RES 1: 108.38 High Jul 16

*PRICE: 108.05 @ 08:03 GMT July 24

*SUP 1: 107.87/70 100-hma/ Low Jul 22

*SUP 2: 107.21 Low Jul 18

*SUP 3: 107.10 Low Jun 26

USDJPY continues to trade either side of the 108.00 level, keeping the

short-term uptrend in tact for now. Next resistance is seen at 108.38, the high

of Jul 16, a break here would be an encouraging sign for bulls and pave the way

for a climb towards the key 108.99 resistance. Momentum studies are

constructive, reinforcing the underlying bullish theme. On the downside, losses

below 107.21 would offset the bullish outlook and instead expose support at

106.78.