LONDON, August 28 - Following is a selection of comments from analysts on important technical developments in the foreign exchange market.
TECHNICAL ANALYSIS TEAM, CAPITAL MANAGEMENT
* DOLLAR/YEN: "The short-term risk is for a donwside ratchet to test the 119.30-119.00 support, a break of which would set a target of 118.40. Only a rally through 120.80 resistance reverses the near-term trend."
* EURO/STERLING: "The euro needs to find some upward momentum through 63.40 pence and ultimately 63.70 to secure the uptrend for 64.50. Failure to accelerate or a loss of 62.90-63.00 opens a dip to the 62.60 area before the uptrend resumes."
* STERLING/DOLLAR: "The decline to $1.4400 is enough of a correction to reset the uptrend. The $1.4380-$1.4400 should hold for the next leg of the uptrend to target $1.4800. However, a loss argues an early reversal."
* EURO/YEN: "Listless trading in the 108.50-110.50 range continues as the euro builds a platform for eventual strength through 110.50 for a test of the 113.80 medium-term pivot. Ideally, 108.50 will contain any weakness, but 107.60 offers support below that."