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DOLLAR-YEN TECHS: Still Consolidating But Eyeing Resistance
*RES 4: 109.38 High Apr 6
*RES 3: 108.85 50% retracement of the Mar 24 - May 6 decline
*RES 2: 108.59 High Apr 10
*RES 1: 108.08/09 High Apr 16 and 17 / High May 19
*PRICE: 107.70 @ 10:38 BST May 28
*SUP 1: 107.30 Low May 19
*SUP 2: 106.74 Low May 13
*SUP 3: 106.40 Low May 11
*SUP 4: 105.99 Low May 6 and 7 low and bear trigger
USDJPY continues to consolidate. The pair traded higher May 19 to breach 107.77,
May 11 high and tested key resistance at 108.08, Apr 16 and 17 high. A clear
break of 108.08 is still required to signal a bullish reversal. This would open
108.54, Apr 13 high and 109.38, Apr 6 high further out. Key near-term support
has been defined at 106.74, May 13 low. An inability to hold onto recent highs
followed by a break of 106.74 would resume a bearish focus.