Recovery Will Still Be Measured....>

DOLLAR-YEN TECHS: Recovery Will Still Be Measured Against Y106.69 Reaction

*RES 4: Y107.91 Feb 21 high

*RES 3: Y107.30 Mar 13 high

*RES 2: Y106.98/01 1% volatility band, Mar 28 high

*RES 1: Y106.69 76.4% of Y107.01-Y105.66, hourly high Mar 29

*PRICE: Y106.48 @0743GMT

*SUP 1: Y105.90/00 Hourly support

*SUP 2: Y105.66/72 Apr 2 low, 76.4% of Y105.32-Y107.01

*SUP 3: Y105.50/55 Hourly congestion Mar 27-28

*SUP 4: Y105.32 Mar 27 low

*COMMENTARY* Peaked at Y107.01 last week, just above the upper 1% volatility

band, at Y106.98 at the time. Has suffered some fallout since, Monday's dip to

Y105.66 moving slightly below the 76.4% Fibo retrace level at Y105.72, before

finding some support. In this respect, the move back above Y106.18-Y106.45 is

encouraging but any real attempt at a recovery will have to deal with the

tougher Y106.69 level. Nearest support now Y106.00-Y105.90.