USDJPY: Although the pair traded lower Tuesday, its looks to build on its corrective recovery triggered at the 94.55 level on Monday. With USDJPY now holding above the 95.62 level, its April 28’09 low, further upside is expected towards the 99.73 level, its May 07’09 high and then the 101.43 level, its April 06’09 high. Beyond the latter will resume its short term upside set off at the 87.13 level towards the 102.42 level, its Oct 20’08 high. Its daily RSI has turned higher suggesting further upmove. Support is see at first at the 95.62 level, its April 28’09 low before the 93.54 level, its Mar 19’09 low and then its Feb 09’09 high at 92.40. On the whole, having halted its downmove, threats now remain to the upside.

Support / Comment

95.95 / Mar 30’09 low

94.55 / May 18’09 low

93.54 / Mar 19’09 low

Resistance / Comments

97.62 / Daily 200 ema

99.73 / May 07’09 high

101.43 / April 06’09 high