Possible Inverse Head And............>

EURO-YEN TECHS: Possible Inverse Head And Shoulders In The Making

*RES 4: Y132.44 Mar 13 high

*RES 3: Y132.22 38.2% Fibo of Y137.51-Y128.95

*RES 2: Y131.82/00 Mar 27 high, 1% volatility band 

*RES 1: Y131.50/55 Hourly resistance

*PRICE: Y131.07 @0803GMT

*SUP 1: Y130.54/62 Basing area Mar 26 through Mar 30

*SUP 2: Y130.36 Hourly base Mar 26

*SUP 3: Y129.88/98 1.618 swing Y130.58-Y131.71, Mar 23 high

*SUP 4: Y129.60/65 Hourly congestion area Mar 23-26

*COMMENTARY* Continued it's recovery last week to a high of Y131.82, in line

with the upper 1% volatility band at the time, after the previous week's fall to

Y128.95, just above the key Y128.90-Y128.85 support area. Became overbought in

the near term, so a pullback was anticipated. A low of Y130.58 seen so far but

while unable to reclaim levels back above Y131.55-Y131.82, the risk is for a

deeper Y129.98-Y129.88 fall. Main support Y129.65-Y129.60.