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The pair is firmer this morning....>

DOLLAR-YEN TECHS
DOLLAR-YEN TECHS: The pair is firmer this morning. There are two resistance
levels to watch, 109.14, Jan 31 high and 109.27, Jan 29 high. A break of the
latter would represent a bullish intraday development and suggest that the
recent decline between Jan 17 and Jan 31 that we've viewed as a correction is
likely over. If correct, this would open scope for a stronger recovery towards
the Jan highs. Key support is Friday's 108.31 low. Finally note that the
recovery off Friday's low also marks a rebound off the 76.4% retracement of the
Jan 8 - Jan 17 rally. This reinforces the importance of support at 108.31 and a
risk parameter for bulls.

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