Recovery Needs Further Stimulus....>

DOLLAR-YEN TECHS: Recovery Needs Further Stimulus Of A Y109.37-Y109.47 Break

*RES 4: Y110.14 61.8% Fibo of Y111.40-Y108.11

*RES 3: Y109.75/83 50% of Y111.40-Y108.11, May 25 high

*RES 2: Y109.37/47 38.2% Y111.40-Y108.11, recovery high May 28

*RES 1: Y109.23/24 May 28 low, intraday high

*PRICE: Y109.17 @0845GMT

*SUP 1: Y108.39/54 1% vol band, May 31 low, hourly support

*SUP 2: Y108.02/11 50% Fibo Y104.63-Y111.40, May 29 low

*SUP 3: Y107.78 Apr 13 high, now support

*SUP 4: Y107.39 Equality fall from Y109.83 to Y111.40-Y108.96

*COMMENTARY* The recovery from Tuesday's drop to Y108.11 has been long winded,

taking the last three days to reach Y109.24, with the slightly higher

Y109.37-Y109.47 area considered pivotal to any further rally hopes. While capped

here, then look for support from between Y108.54 and then Thursday's Y108.39

low. Loss of the latter would caution, leaving Y108.11-Y108.02 vulnerable,

Y107.78-Y107.39 waiting below. Above Y109.47 and Y109.75-Y110.62 possible.