Y109.51-Y109.61 Still Proving......>

DOLLAR-YEN TECHS: Y109.51-Y109.61 Still Proving Difficult Resistance

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

*RES 3: Y109.79 Feb 8 high, 

*RES 2: Y109.61 1.618 swing of Y109.20-Y108.54

*RES 1: Y109.51/54 1.618 proj'n from Y105.66, Apr 27 high

*PRICE: Y109.28 @0825GMT

*SUP 1: Y108.75/85 Hourly support

*SUP 2: Y108.54 Apr 24 low

*SUP 3: Y108.13 Hourly base Apr 23

*SUP 4: Y107.78 Apr 13 high, now support

*COMMENTARY* Y109.51-Y109.61 proved a tough area of resistance last week, a

combination of a projection target from the Apr 2 low at Y105.66 and the swing

of the more recent Y109.20-Y108.54 pullback. These currently preventing a higher

Y109.79-Y110.27 rise. Support from above Y108.85-Y108.75 keeps the near term

outlook bullish but any lower would caution putting the Apr 24 low at Y108.54 at

risk and with it the chance of a deeper correction of gains from Y106.88.