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DOLLAR-YEN TECHS: Still Congested Near Term Support Above Y109.21
*RES 4: Y111.05 Aug 4 high
*RES 3: Y110.83 Aug 8 high
*RES 2: Y110.50/60 Congestion area Aug 4-Aug 7
*RES 1: Y110.25 Initial low Aug 8
*PRICE: Y109.88 @1006GMT
*SUP 1: Y109.49/56 4 month bull channel base, Aug 9 low
*SUP 2: Y109.21/25 1.618 swing Y109.91-Y111.05, 1% vol band
*SUP 3: Y108.82 Jun 14 low
*SUP 4: Y108.32 Equality fall from Y112.20 to Y114.50-Y110.62
*COMMENTARY* Finally getting a decent test to the Y109.63 area, a low of Y109.56
so far. This at the top end of what looks a congested support area between here
and the swing target at Y109.21. Any lower and still have the Jun 14 low at
Y108.82 to negotiate, before Y108.32 and the year's previous Y108.13 low comes
back into view. Meanwhile look to Y110.25 for initial resistance, back above
here now the minimum requirement for a bounce, Y110.50-60 above.