Still Range Bound USDJPY...........>

DOLLAR-YEN TECHS: Still Range Bound

USDJPY continues to remain range bound, stuck in a tight range between

resistance at 110 and support at its 21-dma at 108.98. The 50% retracement of

104.56-114.73 comes in at 109.65 and we have closed marginally above it a couple

of times in the past couple of weeks but have not convincingly managed to escape

the drag of this area. In fact, we have not seen a close above 110 so far this

year. An upside break would extend the recovery towards the 100-wma at 110.87,

ahead of the 200-dma at 111.27. On the downside, a close below the 21-dma would

target the 108.00 level, below which would suggest a resumption of the broader

bearish trend.