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Recovery Off Flash Crash Lows......>

DOLLAR-YEN TECHS: Recovery Off Flash Crash Lows
USDJPY was marked sharply lower at the US-Asia crossover, touching flash crash
lows of 104.87. Recovery efforts extended through Europe before topping out
around the 76.4% retracement of the daily range. Bulls need to recover 109 to
suggest a bullish reversal is in play, targeting the Jan 2 high at 109.73, ahead
of the 200-dma at 111.09. Bears near-term focus turns toward the 50% retracement
of 104.87-107.96 at 106.42, below here opens the 61.8%/76.4% levels at
106.05/105.60, ahead of a return to the intraday low at 104.87.

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