USDJPY: Corrective Upside To Target The 92.03 Level

USDJPY-The pair traded flat on Wednesday but opened Thursday trading session higher as it now eyes a retarget of the 92.03 level, its Jan 14'10 high. Slightly above there stands its daily 200 emaat 92.13 and its channel resistance at 92.32 level. Those levels look to hold and turn the pair back down but if they snap, we could see further push towards the 93.74 level, its 2010 high with breach of that level resuming its strength triggered from the 84.80 level towards its .50 Fibonacci Retracement(101.43-84.80)/Aug 24'09 high at 95.05/01 ahead of its Aug 07'09 high at 97.77. Its daily RSI is supportive of this view as it is pointing higher. To the downside, the 90.30 level comes in as the initial support ahead of the 88.93 level, its Dec 18'09 low and then the 87.35 level, its Dec 09'09 low.