USDJPY: Although hesitation is now seen following the pair’s recovery strength through 90.77 level, as long as that level holds as support, outlook for further upside gains remains valid. Upside target comes in at the 92.31 level, its Oct 27’09 high initially with a turn above there aiming at the 93.85 level where its channel top is located. On the downside, support starts at its Dec 04’09 high at 90.77 where a reversal of roles may occur. Further down, the 88.30 level, its Dec 14’09 low and the 88.00 level, its Oct 07’09 low are seen as the next support levels followed by the 87.35/10 levels. On the whole, having halted its rally from the 84.80 level, the pair now looks to decline towards the 90.77 level.

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