Sharp Sell-Off Likely To Extend *RES.....>

DOLLAR-YEN: Sharp Sell-Off Likely To Extend

*RES 4: 111.68 High Feb 24

*RES 3: 111.04 High Feb 25

*RES 2: 110.46 High Feb 27

*RES 1: 109.68 Intraday high

*PRICE: 108.73 @ 10:42 GMT Feb 28

*SUP 1: 108.51 Intraday low

*SUP 2: 108.34 1.0% 10-dma envelope

*SUP 3: 108.31 Low Jan 31

*SUP 4: 107.65 Low Jan 8 and key support

USDJPY remains heavy and has again traded to a fresh low today. The move down

this week follows the rejection off last week's high of 112.23 on Feb 20.

Momentum studies are pointing south having recently pulled away from overbought

territory and this reinforces the current bearish condition. The focus is on a

move towards support at 108.35, the Jan 31 low, if cleared this would expose

107.65, the Jan 8 low. Initial resistance is at 109.68, Feb 28 high.