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Risk-off Flows Dominate The risk...>

DOLLAR-YEN TECHS: Risk-off Flows Dominate
The risk averse theme pressured USDJPY through 109.71 to fresh 3-month lows of
109.60. This brings the 50% retracement level of 104.56-114.55 back into view at
109.56, with a break here needed to open the 109 level & long-term 50%
retracement at 108.84. Bulls look to recover the 100-dma at 110.56, before
challenging the 111 level. A break back above the 200-dma at 111.49 is needed to
reignite upside momentum.

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