Y109.63-Y109.21 Forms Some.........>

DOLLAR-YEN TECHS: Y109.63-Y109.21 Forms Some Congested Near Term Support

*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: Y109.97 @1611GMT

*SUP 1: Y109.63 76.4% Y108.13-Y114.50, swing Y110.62-Y112.20

*SUP 2: Y109.48/56 4 month bull channel base, intraday low

*SUP 3: Y109.21/34 1.618 swing Y109.91-Y111.05, 1% vol band

*SUP 4: Y108.82 Jun 14 low

*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 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.