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DOLLAR-YEN TECHS: Upside Focus Intact
*RES 4: 110.31 Bull channel top drawn off Aug 26 low
*RES 3: 109.32/37 High Aug 1 / 61.8% retracement Apr 24 - Aug 26 decline
*RES 2: 109.07 200-DMA
*RES 1: 108.94 High Oct 17
*PRICE: 108.54 @ 16:14 GMT Oct 24
*SUP 1: 108.16 Low Oct 16
*SUP 2: 107.85 Low Oct 11
*SUP 3: 107.48 Trendline support drawn off Aug 26 low
*SUP 4: 106.81 Low Oct 8
USDJPY found support Wednesday off the day's low. The lack thus far of any
meaningful pullback reinforces the current bullish outlook. The focus is on a
test of the 200-DMA at 109.07. A broader bullish resumption was confirmed Oct 16
following the clear breach of, and close above the former bull trigger at
108.48, Sep 18 high. A move above the 200-DMA average would open 109.32, Aug 1
high and 109.93, May 30 high. Trendline / channel support lies at 107.48.