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Pullback Testing Mettle Of.........>

DOLLAR-YEN TECHS: Pullback Testing Mettle Of Y108.97 Support
*RES 4: Y110.48 Feb 2 high
*RES 3: Y110.27 61.8% Fibo of Y113.75-Y104.63, 1% vol band
*RES 2: Y110.04 May 2 high
*RES 1: Y109.65/75 Hourly resistance
*PRICE: Y109.16 @1712GMT
*SUP 1: Y108.93/97 Intraday, Apr 27 lows
*SUP 2: Y108.54 Apr 24 low
*SUP 3: Y108.93/97 Intraday, Apr 27 lows
*SUP 4: Y108.54 Apr 24 low
*COMMENTARY* Finally cleared troublesome Y109.51-Y109.61 resistance on Tuesday,
but so far the rise has been contained by the upper 1% volatility band, at
Y110.06 on Wednesday. This has risen by time today to join the 61.8% Fibo
retrace level at Y110.27. Aware that the rally from the Mar 23 low at Y104.63 is
beginning to look mature and a cap below the Nov 27 low at Y110.84 is possible.
Meanwhile, support from Y109.50-Y109.18 has been lost but Y108.97 remains key.

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