Unconvincing in either direction...>

DOLLAR-YEN TECHS: Unconvincing in either direction

The close below the 111.45 200-dma Monday failed to prompt a material downside

spell Tuesday, with the 100-dma at 111.28 providing firm support. To cement any

momentum in either direction the pair needs to convincingly break the recent

111-112 range, with impetus currently lacking. The 21-dma comes in at 111.27 and

markets haven't closed below there since January, so a close below here and the

psychological 111.00 level would suggest a deeper correction. Bulls need to

recover the 200-dma at 111.45 before focus can turn back to Friday's high at

111.90 ahead of the key 112 level. Above here and the March 5 high at 112.14

would extend the recovery towards the 114 area.