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Stuck in The Range USDJPY closed...>

DOLLAR-YEN TECHS
DOLLAR-YEN TECHS: Stuck in The Range
USDJPY closed above the 109.50 level yesterday to stabilise the short-term
outlook. Near-term resistance remains at 110.00/05 which holds the 38.2% fibo of
the May range and previous hourly highs on May 10. Above here would suggest a
potential base is forming, opening a run at the May 29 high & cloud base at
110.29/32. Bears need a break and close below 109 to open the 50% retracement &
Feb 1 low at 108.84/73. Further support is located at 108.50 from the Jan 31
low, ahead of the 61.8% retracement & Jan 16 low at 108.38/37.

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