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S/T Bounce Considered A............>

DOLLAR-YEN TECHS: S/T Bounce Considered A Correction
*RES 4: 108.59 High Apr 10
*RES 3: 108.08 High Apr 16 and 17 and key resistance
*RES 2: 107.64 20-day EMA
*RES 1: 107.50 Apr 30 Recovery High
*PRICE: 106.81 @ 10:37 BST May 1
*SUP 1: 106.36 Low Apr 29 and bear trigger
*SUP 2: 105.81 Low Mar 17
*SUP 3: 105.21 61.8% retracement of the Mar 9 - 24 rally
*SUP 4: 104.51 Low Mar 13
USDJPY bulls were granted a brief reprieve yesterday as the pair bounced up to
107.50. The move, however, is so far insufficient to reverse the trend. Moving
average studies continue to suggest a downtrend remains intact reinforcing the
bearish theme. Attention is on Wednesday's low of 106.36 where a break would
open the next objectives at 105.81, Mar 17 low and 105.21, the 61.8%
retracement. Key resistance remains 108.08, the Apr 16 and 17 high.

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