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Tuesday's Recovery Creates A.......>

DOLLAR-YEN TECHS: Tuesday's Recovery Creates A Bullish 'Outside Day'
*RES 4: Y110.95 Aug 16 high
*RES 3: Y110.65 38.2% Fibo of Y114.50-Y108.27
*RES 2: Y110.38/45 Aug 17 high, 1% volatility band
*RES 1: Y110.18 Intraday high
*PRICE: Y109.89 @0922GMT
*SUP 1: Y109.45/55 Hourly support
*SUP 2: Y108.97 Initial high Aug 29, now support
*SUP 3: Y108.60/65 Minor congestion area Aug 28-29
*SUP 4: Y108.27 Aug 29 low, 1% volatility band
*COMMENTARY* The fall was held by the lower 1% volatility band on Tuesday,
thereby preserving the year's previous Y108.13 low. The subsequent swift
recovery has created a potentially bullish 'outside day' on the daily chart, a
fresh low coupled with a close above the previous day's high. A high of Y110.18
so far, as we encounter some near term overbought conditions. Support comes from
between Y109.55-Y108.97 but only a loss of Y108.60 would caution.

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