Y108.65-Y108.54 Area Is Still......>

DOLLAR-YEN TECHS: Y108.65-Y108.54 Area Is Still Key To Retaining Upside Momentum

*RES 4: Y110.27 61.8% Fibo of Y113.75-Y104.63

*RES 3: Y110.04 May 2 high

*RES 2: Y109.75/80 Initial basing area May 2, now resistance

*RES 1: Y109.40/45 May 7 high, hourly resistance

*PRICE: Y108.98 @0807GMT

*SUP 1: Y108.89 7 week rising support line

*SUP 2: Y108.54/65 Apr 24, May 4 lows

*SUP 3: Y108.19 1% volatility band

*SUP 4: Y107.97 38.2% Fibo of Y104.63-Y110.04

*COMMENTARY* The rise was contained by the upper 1% volatility band last week,

the high of Y110.04 on Wednesday, failing to reach the 61.8% Fibo retrace level

at Y110.27. The subsequent fall has been guided by the 7 week rising support

line, at Y108.89 by time today. A loss would be cautionary but greater respect

should still be paid to the Y108.65-Y108.54 area. In the interim,

Y109.40-Y109.45 and then Y109.75-Y109.80, stand in the way of any recovery.