FOREX: BofA Wary Of Near-Term Upside Risks, But Remain Longer Term Bears

• Another leg lower for the USDJPY, and the broader Dollar, sinking to session lows against the SGD, CZK, GBP, EUR, SEK, NOK, NZD and AUD.
• Next focus in the USDJPY comes at 141.97.
• While the Yields are doing little, the Emini and wider US Equities are pushing lower, and immediate support for the Emini (ESM5) comes at 5601.75.

• RES 4: 5864.93 200-dma     
• RES 3: 5837.25 High Mar 25 and a bull trigger 
• RES 2: 5773.25 High Apr 2       
• RES 1: 5724.75 High May 2                               
• PRICE: 5629.50 @ 14:43 BST May 6 
• SUP 1: 5527.21 20-day EMA                        
• SUP 2: 5355.25/5127.25 Low Apr 24 / 21 and a key support
• SUP 3: 4996.43 76.4% retracement of the Apr 7 - 10 bounce
• SUP 4: 4832.00 Low Apr 7 and the bear trigger

Recent gains in the e-mini S&P reinforce current bullish conditions.The contract has breached the 50-day EMA, at 5622.87. A continuation of the bull phase would expose 5837.25 next, the Mar 25 high and a bull trigger. It is still possible that the entire rally since Apr 7 is a correction. A reversal lower would signal the end of this corrective phase and expose initially, support at 5127.25, the Apr 21 low. First support to watch is 5527.21, the 20-day EMA.

Large EU Bank Block trade, suggest seller:

• CAM5 8k at 186.00.