EURJPY-As EURJPY invalidated the 132.35 level, its May 01’09 high the past week to close higher at 134.26, pressure has started building up for further upmove towards the 137.42 level, representing its April 06’09 high. On a break above there its Oct 20’09 high at 138.57 will be targeted ahead of the 141.74 level, its Oct 14’09 high. Its weekly RSI has turned higher suggesting further upside gains. On the other hand, if a pullback is triggered, declines should shape up towards the 132.35 level, its May 01’09 high followed by the 129.86 level, its May 06’09 low. Further out, supports are located at the 126.41 and 126.09 levels and the 122.12 level, marking its Mar 12’09 low. There are more evidence for further upside than downside. On the whole, having maintained upside momentum for a second week in a row, EURJPY looks to head further higher.

Support /Comments

132.85 Mar 04’09 high

131.57 Daily 200 ema

129.09/26 April 24’09 high/daily 200 ema

Resistance/ Comments

134.52 Mar 24’09 high

137.41 April 06’09 high

141.71 Oct 14’08 high

Still Biased To The Upside.

USDJPY-Although the pair closed lower the past week taking back some of its previous week gains, as long as USDJPY continues to hold above the 95.68 level, its April 28’09 low and its daily rising channel, bias remains to the upside. In such a case, a retarget of its Mar 05’09/May 07’09 highs at 99.68/74 is seen as the next upside target followed by its April 06'09 level at 101.45 where a loss will resume its upmove triggered off the 87.13 level towards the 102.42 level, its Oct 20’08 high and then the 103.07 level, its Oct 14’08 high. However, if a follow through lower on its past week losses occurs, we could witness more downside towards the 96.68 level, which represents its daily channel base with a turn below there bringing further downside towards the 95.68 level, its April 28’09 low before the 94.62,its Jan’09 high. On the whole, USDJPY remains biased to the upside while holding above its daily rising channel and the 95.68 level.

Support /Comments

97.73/47 Daily ema/channel base

95.95 Mar 30’09 low

94.62 Jan’09 high

Resistance/ Comments

99.68 Mar 05’09

101.43 April 06’09

102.42 Oct 20’08 high