Updating time : 03/08/2008 23:46 GMT

USD/JPY - 107.55...Although dlr rose to one-month high last wk at 108.39, price was unable to re-test the June '08 top at 108.59 n retreated on Friday to 107.28 in part due to cross unwinding in yen on risk aversion (the greenback was only able to bounce briefly after the release of stronger-than-expected U.S. non-farm payrolls).

Looking at the bigger picture, dlr's retreat fm Thursday's high at
108.39 suggests recent upmove has formed a temporary top n below 106.58/63 (sup n 38.2% r of 103.77-108.39, as well as being just abv present lvl of the 55-day ema at 106.49) wud indicate further 'choppy' trading below 108.59 is in store, yield weakness to 106.05/08 (sup n 50% r of 103.77-108.39) but reckon 105.27 (prev. res) wud limit downside n 103.77 wud hold on 1st testing.

Abv 107.93/97 (minor res n 61.8% r of 108.39-107.28) signals correction
has ended instead n bring resumption of uptrend fm 95.77 (March '08) for re-test of 108.59 n then 109.48 (50% r of 117.95-95.77), a daily close abv 109.96 (50% r of 124.14-95.77) wud extend to 111.69 (61.8% proj. of 95.77-108.59 fm 103.77)...