Yen crosses are off of session highs, with US...>

YEN: Yen crosses are off of session highs, with US equity index futures also off

best levels.

- USDJPY bulls take comfort in support emerging at the April 09 low (106.57),

but still need a close above the 108.03-42 region. Friday saw the Bollinger band

top (107.97) limit follow-through, with bears needing a close below the 55-DMA

(107.00) & then the 21-DMA (106.44) to shift focus lower.

- EURJPY's break of 131.99 lacked follow through with bears now needing a close

below the low from April 12 (131.78) to ease bullish pressure, before targeting

the 21-DMA (131.14). Bulls continue to look for a close above the 100-DMA

(133.06) to end bearish hopes and shift overall focus back to YtD highs. The

Bollinger top (132.84) & overbought studies are now recognized as the key

concerns for bulls.

- AUDJPY's aggressive rejection above the 55-DMA (83.57) & 100-WMA (83.59) is

less than ideal for bulls with daily studies at moderately overbought levels.

The highs from April 06 & 09 (82.58) now act as key support with bears needing a

close below to ease bullish pressure.