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Correction Underway As Y131.76.......>

EURO-YEN TECHS
EURO-YEN TECHS: Correction Underway As Y131.76 Support Gives Way
*RES 4: Y132.87/90 Initial pullback Apr 24, Apr 25 low
*RES 3: Y132.55 Apr 30 high
*RES 2: Y132.30 Hourly congestion Apr 26-30
*RES 1: Y132.14 May 1 high
*PRICE: Y131.79 @0854GMT
*SUP 1: Y131.57 May 1 low
*SUP 2: Y131.12/22 1% vol band, 50% Fibo of Y128.95-Y133.49
*SUP 3: Y130.68 61.8% Fibo of Y128.95-Y133.49
*SUP 4: Y129.99 Apr 2 low, 76.4% of Y128.95-Y133.49
*COMMENTARY* Last Tuesday's Y133.49 high the zenith of the recovery so far,
subsequent rallies failed to trouble it and the loss of Y132.56 support spoiled
the look of recent upside momentum. The next area of interest from between
Y131.82-Y131.76 gave way on Tuesday and opens way for a deeper correction of
gains from the Mar 22 low at Y128.95. Below Y131.57 and this has Y131.22-Y130.68
as next band of support. Y132.14-Y132.30 resistance is the near term problem.

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