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DOLLAR-YEN TECHS: Upside Break On The Cards
*RES 3: 109.32/37 High Aug 1 / 61.8% retracement Apr 24 - Aug 26 decline
*RES 2: 109.06 200-DMA
*RES 1: 109.04 High Oct 28
*PRICE: 109.01 @ 16:24 GMT Oct 28
*SUP 1: 108.16 Low Oct 16
*SUP 2: 107.85 Low Oct 11
*SUP 3: 107.63 Trendline support drawn off Aug 26 low
USDJPY consolidation is seen as a pause in the uptrend with the outlook still
bullish. The recent consolidation appears to have taken on the shape of a bull
flag, reinforcing the bullish theme and the likelihood of higher prices
near-term. The focus is on a test of the 200-DMA at 109.06 where a clear break
would open 109.32, Aug 1 high and 109.93, May 30 high. The initial trigger for
gains was at 108.94, which the pair cracked Monday. Trendline support drawn off
the Aug 26 low is at 107.63.