USDJPY: After declining to a low of 88.23 in sell off spree on Thursday, USDJPY has restored a bid tone suggesting a correction of its Thursday weakness. With the pair currently recovering and trading back above the 91.58 level, its April 19'10 low, a return above the 92.72 level, its April 22'10 low is likely. Further out, a convincing break and hold above the 94.76/97 levels, its April 04'10/2010 high must be established to reverse its current weakness and bring gains towards its Aug'09 high at 97.77 and next the 101.43 level, its April'09 high. Support lies at the 91.58 level ahead of the 88.12 level, its Mar 04'10 low. All in all, the pair remains vulnerable to the downside having declined sharply lower.
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