Softer Having Cleared Supports.....>

DOLLAR-YEN TECHS: Softer Having Cleared Supports

*RES 4: 109.93 High May 30

*RES 3: 109.73 High Dec 2 and key resistance

*RES 2: 109.50 High Dec 30

*RES 1: 108.89 High Jan 2

*PRICE: 108.07@ 10:46 GMT Jan 3

*SUP 1: 107.89 Low Nov 1

*SUP 2: 107.72 38.2% retracement of the Aug 26 - Dec 2 rally

*SUP 3: 107.10 50% retracement of the Aug 26 - Dec 2 rally

*SUP 4: 106.48 Low Oct 3

USDJPY remains under pressure. The pair has cleared support at 108.43, Dec 4 low

and 108.24, Nov 14 low to further reinforce a developing short-term bearish

threat. The breach of the latter opens 107.89 next, the Nov 1 low where a break

would expose 107.72 and 107.10, both retracement levels. Near-term resistance

has been defined at 108.87, Jan 2 high where a break is required to ease the

current downward cycle.