Month-end Bounce Defies Bearish....>

DOLLAR-YEN TECHS: Month-end Bounce Defies Bearish Outlook

*RES 3: 107.79 20-day EMA

*RES 2: 107.34 High Apr 28

*RES 1: 107.22 Apr 30 Recovery High

*PRICE: 106.92 @ 16:40 BST Apr 30

*SUP 1: 106.36 Low Apr 29

*SUP 2: 105.81 Low Mar 17

*SUP 3: 105.21 61.8% retracement of the Mar 9 - 24 rally

Having traded under pressure for much of the week, bulls were granted a brief

reprieve ahead of the close as the pair bounced up to 107.22. The move, however,

is so far insufficient to reverse the trend, with a return to the downside still

the most likely outcome. Having achieved the near-term objective of 106.45,

50.0% retracement of the Mar 9 - 24 rally. Tuesday's break of the former key

support at 106.92, Apr 1 low continues to weigh with the focus on the next

objectives at 105.81, Mar 17 low and 105.21, the 61.8% retracement.