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DOLLAR-YEN TECHS: Key S/T Resistance At 107.50
*RES 4: 109.38 High Apr 6
*RES 3: 108.59 High Apr 10
*RES 2: 108.08 High Apr 16 and 17 and key resistance
*RES 1: 107.13/50 20-day EMA / Apr 30 Recovery High
*PRICE: 106.92 @ 06:06 BST May 11
*SUP 1: 106.22 Low May 8
*SUP 2: 105.99 Low May 6 and 7 low
*SUP 3: 105.81 Low Mar 17
*SUP 4: 105.21 61.8% retracement of the Mar 9 - 24 rally
USDJPY managed to find support last week at 105.99, the May 6 and 7 low. Despite
the recent recovery and today's gains, the outlook remains bearish. Last week's
breach of 106.36, Apr 30 low reinforced bearish conditions supported by MA
studies that continue to point south. Attention is on the next objectives at
105.81, Mar 17 low and 105.21, the 61.8% retracement of the Mar 9 - 24 rally.
Key short-term resistance remains 107.50, Apr 30 high.