USDJPY: The pair still looks vulnerable to the down side for further corrective weakness triggered from the 94.76 level, its 2010 high. However, above there will have to be traded to put its current downside vulnerability on hold and bring further strength towards its Aug'09 high at 97.77 and possibly higher. Alternatively, a decisive clearance of its Jan 07 high at 93.74 will set the stage for more downside weakness towards its Mar 25'10 high at 92.94 with a turn below there allowing for further declines towards the 92.13 level, its Feb 19'10 high where a breather may occur and turn the pair back up again in line with its short term uptrend. The daily RSI is bearish and trending lower supporting this view. Overall, having halted its recent upside offensive, corrective weakness presently looks to recapture the 93.74 level or even the 92.94 level.

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