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Trendline resistance coming........>

DOLLAR-YEN TECHS
DOLLAR-YEN TECHS: Trendline resistance coming under pressure:
*RES 3: 109.02 May 13 low
*RES 2: 108.80 High Jun 11
*RES 1: 108.33 Trendline resistance drawn off the Apr 24 high
*PRICE: 107.72 @ 15:26 GMT June 27
*SUP 1: 107.65 Intraday low
*SUP 2: 107.45/31 100-hma/61.8% 106-78-108.16
*SUP 3: 106.78/65 Low Jun 25 / 76.4% of the Jan 3-Apr 24 rally
USDJPY short-term technicals had improved alongside the European open, but the
picture deteriorated slightly ahead of the close as the pair failed to sustain a
move above the 200-hma. The medium-term outlook remains positive, with a
combination of a hammer formation on Tuesday and bullish engulfing reversal line
on Wednesday developing a bullish theme. Attention now turns to trendline
resistance at 108.33, where a break would essentially confirm a reversal to
bullish. A failure at the trendline is required to maintain the bearish trend
that has dominated since Apr 24.

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