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Tops Key Resistance *RES 4:........>

DOLLAR-YEN TECHS
DOLLAR-YEN TECHS: Tops Key Resistance
*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: 107.70 High May 11
*PRICE: 107.68 @ 16:42 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 progressed well from support at 105.99 on May 6 and 7. Monday's topping
of key resistance at 107.50 works against the bearish outlook but a close north
of 108.08 will be needed before indicating a full reversal. 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.

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