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Recoveries Will Be Benign While....>

DOLLAR-YEN TECHS: Recoveries Will Be Benign While Held Below Y109.47
*RES 4: Y109.83 May 25 high
*RES 3: Y109.47 Hourly recovery high May 28
*RES 2: Y109.11/23 Hourly recovery high May 29, May 28 low
*RES 1: Y108.95 May 24 low, now resistance
*PRICE: Y108.65 @0900GMT
*SUP 1: Y108.30/40 Hourly support
*SUP 2: Y108.02/11 50% Fibo Y104.63-Y111.40, May 29 low
*SUP 3: Y107.67/78 2% volatility band, Apr 13 high
*SUP 4: Y107.39 Equality fall from Y109.83 to Y111.40-Y108.96
*COMMENTARY* Still suffering from the appearance of a 'shooting star' candle
close on the daily chart last Monday, which resulted in a break beneath key
Y109.15 support last Thursday. Yesterday we lost further support from Y108.95,
resulting in a fall towards the 50% Fibo retrace level at Y108.02. Resistance
now from Y108.95-Y109.23, with Y109.47 key above. Support Y108.40-Y108.30 but
lose Y108.02 and Y107.67-Y107.39 possible.

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