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Recovery Meets Resistance From.....>

DOLLAR-YEN TECHS: Recovery Meets Resistance From Dual Y110.49 Resistance
*RES 4: Y111.48 Jan 18 high
*RES 3: Y110.84 Nov 27 low, now resistance
*RES 2: Y110.72 76.4% Fibo of Y111.48-Y108.28
*RES 1: Y110.49 Jan 19 low, 1% volatility band
*PRICE: Y109.83 @0933GMT
*SUP 1: Y109.75 Feb 1 high, now support
*SUP 2: Y109.45 Jan 31 high, now support
*SUP 3: Y109.21/23 Jan 29,30 highs, hourly base Feb 1
*SUP 4: Y108.75/80 Congestion area Jan 26-Jan 31
*COMMENTARY* Continued to make recovery gains last week following on from last
month's Y108.28 base. Friday's further rise through Y109.88-Y110.19, now opens
the way for a higher correction of recent losses from Y111.48, with
Y110.49-Y110.84 now the next upside barrier to consider. As a result, support
also climbs, a series of former highs from between Y109.75-Y109.21 now providing
a potential cushion, back below the latter would caution now.

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