Further Recovery Would Be Aided....>

DOLLAR-YEN TECHS: Further Recovery Would Be Aided By A Y109.15-Y108.85 Hold

*RES 4: Y110.95 Aug 16 high

*RES 3: Y110.67 1% vol band, Aug 31 high

*RES 2: Y110.30/35 Hourly congestion Sep 1

*RES 1: Y109.95/05 Hourly resistance

*PRICE: Y109.48 @0843GMT

*SUP 1: Y109.15/20 Hourly congestion area Aug 25-28

*SUP 2: Y108.85 Aug 23 low

*SUP 3: Y108.50 1% volatility band

*SUP 4: Y108.13/27 Apr 17, Aug 29 lows

*COMMENTARY* The fall was held by the lower 1% volatility band last Tuesday,

just above the year's previous Y108.13 low. The subsequent recovery created a

potentially bullish 'outside day' on the daily chart, a fresh low coupled with a

close above the previous day's high. This has so far seen a move towards the

upper 1% volatility band and just above the 38.2% Fibo level at Y110.65. Support

comes from between Y109.15-20 but below Y108.85 would caution now.