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DOLLAR-YEN TECHS: Weaker With Trendline Support Exposed
*RES 3: 109.93 High May 30
*RES 2: 109.32/37 High Aug 1 / 61.8% retracement Apr 24 - Aug 26 decline
*RES 1: 109.29 High Oct 30 and key short-term resistance
*PRICE: 108.09 @ 16:01 GMT Oct 31
*SUP 1: 108.06 Low Oct 31
*SUP 2: 107.85/84 Low Oct 11 / Channel support drawn off Aug 26 low
*SUP 3: 107.04 Low Oct 10
The pair came under pressure throughout the Thursday session following
Wednesday's inability to hold onto the break of the 200-DMA and the day high of
109.29. The move lower took out support at the 108.25, Oct 23 low, worsening the
near-term outlook. This exposes trendline / channel support at 107.84 drawn off
the Aug 26 low. Clearance of this level would likely trigger a deeper sell-off.
On the upside, a close above the 200-dma is now needed to cement the next move