USDJPY: With the pair reversing its intra day gains to close lower at 91.85 level on Tuesday and breaking below the 91.74 level, its May 17'10 low in early trading today, we are looking for the pair to decline further towards its May 07'10 low at 90.82. If a violation of this level occurs then further move lower is likely towards its May 06'10 low at 88.23 and next the 88.12 level, its Mar 04'10 low. On the upside, above the 93.63 level, its May 13'10 high must be traded to reverse its current weakness and open the door for more gains towards the 94.76/97 levels, its April 04'10/2010 highs. Unless the latter scenario materializes, our bias remains to the downside.
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