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Weekly Chart:GBPUSD

USDJPY: Continues To Trade Below Its Minor Swing High/Daily Rising Channel.

USDJPY- Although a recovery the past week saw the pair took back part of its previous week losses, as long as the pair continues to trade below its broken daily rising channel, risks are for a push lower towards its April 0308/May 1208 at 102.95/58 initially followed by the 100.03/00 area, its April 1008 low/psycho level and then its YTD low at 95.75.Its daily studies are trending lower supporting this view. On the other hand, a return back above its May 0208 high at 105.70 and into its already broken rising daily channel should open the door for further upside incursions towards its .382 Ret(124.15-95.75 decline) at 106.61 with a loss of there setting the stage for a run at the 108.61 level, marking its Feb 1408 high. The pairs weekly momentum indicators remain suggestive this could prevail. On the whole, while its recovery off the 95.75 low still has some room to go, a clean break and hold above the 105.70 level must occur to trigger the resumption of that recovery. However, overall bearishness in the medium term continues to dominate.

Directional Bias:

Nearer Term -Bearish

Short Term -Bullish

Medium Term -Bearish

Performance in %:

Past Week: +1.22%

Past Month: +4.14%

Past Quarter: -10.69%

Year-To-Date: -7.61%

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