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Shallow Recovery USDJPY closed.....>

DOLLAR-YEN TECHS
DOLLAR-YEN TECHS: Shallow Recovery
USDJPY closed below the 100 & 200-dma's yesterday to register post FOMC losses
of over 1%. Recovery efforts have so far remained shallow and keeps the
downtrend intact. Bears look for a close below the 50-dma (110.36) to open the
110.00/10 area which has registered a series of previous highs through Jan/Feb.
A break of the 110.00 handle for the first time since Feb 11, brings trendline
support & Feb 8 low into view at 109.81/65. Bulls need to recover 111.00 & the
100-dma at 111.24 to stabilise the outlook, above here opens the 200-dma &
broken channel base support-turned-resistance at 111.45/60.

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