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DOLLAR-YEN TECHS: Eyes On Y109.50-Y109.37 Support For Directional Clues
*RES 4: Y111.08 May 18 high
*RES 3: Y110.62 76.4% Fibo of Y111.40-Y108.11
*RES 2: Y110.44 1% volatility band
*RES 1: Y110.00/14 Hourly resistance, 61.8% of Y111.40-Y108.11
*PRICE: Y109.75 @0905GMT
*SUP 1: Y109.50 Hourly support
*SUP 2: Y109.37 Jun 4 low
*SUP 3: Y109.08 May 30 high, now support
*SUP 4: Y108.55 Hourly basing area May 30-31
*COMMENTARY* The recovery has now stretched above Y109.75-Y109.83 resistance,
moving towards the next Fibo retrace of note, the 61.8% at Y110.14. Overbought
in the near term, so eyes are on Y109.50-Y109.37 support. A loss of the latter
would caution, putting pressure back on the May 30 high at Y109.08. Upside
momentum would take a hit on a move below here, Y108.55-Y108.39 then next
support lower. Above Y110.14 and the upper 1% volatility band is at Y110.44.