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Under Pressure *RES 4: 110.50......>

DOLLAR-YEN TECHS
DOLLAR-YEN TECHS: Under Pressure
*RES 4: 110.50 1.000 projection Aug 26 - Sep 18 rally from Oct 3 low
*RES 3: 109.93 High May 30
*RES 2: 109.73 High Dec 2 and key resistance
*RES 1: 108.89 Intraday high
*PRICE: 108.56 @ 10:24 GMT Dec 31
*SUP 1: 108.43 Low Dec 4 and Low Dec 9
*SUP 2: 108.24 Low Nov 14 and key support
*SUP 3: 107.89 Low Nov 1
*SUP 4: 107.72 38.2% retracement of the Aug 26 - Dec 2 rally
USDJPY remains under pressure. The pair yesterday cleared support at 108.99, Dec
19 low. While a pullback is considered corrective, the break of 108.99 does
suggest scope for a deeper near-term correction with the next supports located
at 108.43 and 108.24. A break through these levels and below 107.89, Nov 1 low
would signal scope for a stronger reversal. A move above 109.73, Dec 2 high is
needed to resume the uptrend.

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