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Downside Pressure Remains But......>

DOLLAR-YEN TECHS
DOLLAR-YEN TECHS: Downside Pressure Remains But Oversold Near Term
*RES 4: Y109.88/94 Aug 31 low, Sep 4 high
*RES 3: Y109.55 Hourly recovery high Sep 5
*RES 2: Y109.38 Sep 4 low, now resistance
*RES 1: Y109.00/15 Hourly resistance
*PRICE: Y108.72 @0848GMT
*SUP 1: Y108.40/50 1% volatility band, intraday low
*SUP 2: Y108.27 Aug 29 low
*SUP 3: Y108.13 Apr 17 low
*SUP 4: Y107.31/36 2% vol band, 1.618 swing Y108.73-Y110.95
*COMMENTARY* The break back below Y108.85 is a concern, now leaving the
Y108.50-Y108.40 area to protect the downside against another tilt at the year's
previous Y108.27-Y108.13 lows. In the interim, resistance falls to
Y109.00-Y109.15, a move back above the latter is currently needed to revive any
near term upside interest. A loss of Y108.27 would negate any further benefit
from last Tuesday's bullish outside day, below Y108.13 and scope for Y107.36.

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