Currencies-a

The dollar has made a break above the long-term bearish descending triangle against the yen, rising marginally above the December 2005 high of 121 -- a bull signal for the dollar. I am wary of a false breakout and would rather wait for a pull-back to respect the new support level and confirm the up-trend. A fall below 115, on the other hand, though unlikely at this stage, would signal a test of long-term support at 100.