Still Consolidating *RES 4:........>

DOLLAR-YEN TECHS: Still Consolidating

*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: 107.77 High May 11 and close to the the 50-day EMA

*PRICE: 107.31 @ 18:25 BST May 18

*SUP 1: 106.40 Low May 11

*SUP 2: 105.99 Low May 6 and 7 low and bear trigger

*SUP 3: 105.81 Low Mar 17

*SUP 4: 105.21 61.8% retracement of the Mar 9 - 24 rally

USDJPY is consolidating. The pair stalled last week at 107.77, May 11 high which

represents the initial key resistance this week. A break would open 108.08, Apr

16/17 high where a move beyond is still required to highlight a reversal. The

recent breach of 106.36, Apr 30 low reinforced bearish conditions supported by

MA studies that continue to point south. A return lower would refocus attention

on 105.81, Mar 17 low and 105.21, a retracement level.