USDJPY: Weakening With Eyes On The 91.73 Level.

USDJPY: With weakness initiated at THE 97.98 levels, its Aug 07'09 higher continuing to be seen, USDJPY remains pressured to the downside with an invalidation of its nearby support residing at the 93.28 level, its July 22'09 low today clearing the way for a possible retarget of the 91.73 level, its YTD low. A break and close below there will open the door for a move towards its psycho support at 90.00 level. Its daily RSI has turned lower supporting its current weakness. On the other hand, immediate support lies at the 93.08 level, its July 22'09 low with a break through there allowing the pair to move further higher towards the 94.34 level, its Aug 24'09 high. Above there if seen will bring additional strength towards the 97.09 level, its declining channel resistance. On the whole, USDJPY continues to retain its overall bearishness while holding within its declining channel.

Daily Chart: USDJPY

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GBPUSD: Minor Support Targeted Ahead of The 1.5982 Level.

GBPUSD: A follow through to the downside on its weakness off the 1.7041 level continues to shape up aiming at its minor support residing at the 1.6152 level, its Aug 27'09 low at first and then the 1.5982 level, which marks its July 08'09 low. Acceleration through there will turn further weakness towards the 1.5798 level, its July 08'09 low. Its weekly and daily RSI which are now bearish and trending lower are supportive of this view. To the topside, halting its current weakness will pave the way for a challenge initially on the 1.6622 level, its Aug 16'09 high with a loss of there targeting the 1.6742 level, its July 30'09 high and then the 1.7000 level ahead of the 1.7041 level, its Aug 05'09 high. Beyond the latter will invalidate and resume its medium term uptrend towards the 1.7100 level and subsequently the 1.7200 level. On the whole, although its broader medium term trend still remains higher, nearer term declines triggered off the 1.7041 level remains in progress.

Daily Chart: GBPUSD width=400