USDJPY

 Having reversed its recovery gains,USDJPY is now seen challenging its key support at the 94.55 level, its May 18’09 low. Ultimately invalidating that level will suggest further declines towards the 93.54 level, its Mar 19’09 low and then its Feb 09’09 high at 92.40. Its daily RSI continues to support this view. Supports are located at the 95.62 level, its April 28’09 low and the 96.69 level, its May 19’09 high followed by the 99.73 level, its May 07’09 high and then the 101.43 level, its April 06’09 high. On the whole, with the 94.55 level almost invalidated, risk continues to point to the downside



Support/ Comment

94.55 May 18’09 low

93.54 Mar 19’09 low

92.40 Feb 09’09 high



Resistance/ Comments

95.95 Mar 30’09 low

97.62 Daily 200 ema

99.73 May 07’09 high