GBPUSD:Having held firmly above the 1.5373 level and the 1.5724 level, its Dec 17’09 high, continued upside gains is now expected to head further higher towards the 1.6000 level, its strong psycho resistance. If that level gives way, we may see price development shaping up towards the 1.6398 level, its Nov 03’09 high. Momentum indicators remain supportive of this view. On the other hand, its invalidated resistance at the 1.5724 level is now expected to reverse roles and provide support thereby turning the pair higher again. Further down, support is located at the 1.5373 level, its Jan 08’09 high. Below there if seen will clear the way for more declines towards the 1.5066 level, its April 16’09 high ahead of the 1.4836 level, its May 04 09 low. All in all,GBPis now poised to head further higher having resumed its short term uptrend.

Support/Comments

1.5722 Dec 17’08 high

1.5373 Jan 08’09 high

1.5066 April 16’09 high

Resistanc/Comments

1.6000 Psycho resistance

1.6398 Nov 03’09 high

1.6671 Oct 30,08 high

EURJPY: Hesitation Continues.

EURJPY: Although the cross still retains its recovery gains, price hesitation remains in place. On the downside, the 129.85 level, its May 06’09 low will be targeted at first accompanied by the 126.40 level, its Mar 26’09 high ahead of the 122.12 level, marking its Mar 12’09 low while upside is initially located at the 131.54 level, which represents its daily 200 ema accompanied by the 132.35 level, its May 01’09 high before its Mar 24’09 high at 134.52 and then the 137.41 level, its April 06’09 high with a loss of the latter resuming its short term uptrend initiated at the 112.09 level. On the whole, with its declines now halted, the cross should push further higher though hesitating.

Support/Comments

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

126.40 Mar 30’09 low

122.12 Mar 12’09 low

Resistanc/Comments

131.57 Daily 200 ema

132.85 Mar 04’09 high

134.52 Mar 24’09 high