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

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.