S&P500So far during the month April, the Japanese yen has been strong. A slide in risk appetite can be attributed to JPY's strength because it is considered a safe-haven currency. The S&P500 reflects the risk-aversion in April. (S&P500 4H chart, 4/15) The index, which many use as a proxy for sentiment has retraced 50% of the previous upswing from 1737.9 to 1899.1. Price action remains bearish, and JPY thus still has further upside. Another downswing in the S&P500 could be followed by further JPY-gains.However a break above April's falling trendline and a push of the 4H RSI above 70 could be a sign that traders will also trade down the yen.USD/JPYA look at the dollar-yen shows the pair hovering above support factors that have been established in February and March. This follows a sharp fall in the pair last week. (usdjpy 4h chart, 4/15) A break above 102.15 could be a sign of a bullish attempt that could challenge the current consolidation highs between 103.75 and 104.12.A break below 101.20 however first opens up the 100.75 low on the year, and perhaps further downside risk toward the 100.00 handle. EUR/JPYthe euro-yen pair has also been sliding in April, within the context of a consolidation that started in March. The 139.90-140 area is providing support so far along with a rising trendline that goes back to Nov. 2013's low of 131.20. A break above 141 should clear this week's high and open up a bullish continuation scenario first to test the 142 handle, then the 143.50-143.80 highs of March and April. The 2014-high just above, at 145.68 will also be in the scope of the bullish scenario.A break below 139.90 opens up support of a previous consolidation zone around 138.65. But even if the EUR/JPY is bearish in the short-term (week to week), it remains bullish in the medium term (month to month) as long as it holds above a rising trendline that goes back to a key pivot and June 2013's low of 124.95.GBP/JPYThe pound-yen pair has been sliding as well in April, and is now hovering above a couple of key support factors. 1) a rising trendline from June 2013's low near 147.60.2) the resistance area of a previous consolidation zone in March. A clear push above this high of 170.90, and above 171 should be a sign of bullish continuation to challenge first the 171.62 pivot and then the 173.58 2014-high.A break below 169.40 however opens up to the support levels of that March consolidation zone in the 167.75-168 area.