Breaks Out Of 2 Week Bear..........>

DOLLAR-YEN TECHS: Breaks Out Of 2 Week Bear Channel But Fibo Level Hampers Rise

*RES 4: Y112.42 Jul 20 high

*RES 3: Y112.10/20 38.2% of Y114.50-Y110.62, Jul 26 high

*RES 2: Y111.85 Initial pullback low Jul 26, now resistance

*RES 1: Y111.72 Intraday high

*PRICE: Y111.43 @1650GMT

*SUP 1: Y110.78/83 Intraday, Jul 25 lows

*SUP 2: Y110.56/62 61.8% Y108.13-Y114.50, Jul 24 low, 1% vol

*SUP 3: Y110.16 76.4% Fibo of Y108.82-Y114.50

*SUP 4: Y109.63 76.4% Y108.13-Y114.50, swing Y110.62-Y112.20

*COMMENTARY* Unable to break free of the 38.2% Fibo retrace level at Y112.10 on

Wednesday, a high of Y112.20 before succumbing to a fresh fall. The subsequent

loss of the Jul 24 high at Y111.32 has seen near term bias return to the

downside, the Y110.78 intraday low, now protecting the key Y110.62-Y110.56 area.

Lose here and not much to stop a further Y110.16-Y109.63 decline. Back above

Y111.85 resistance currently needed for respite.