USDJPY: The pair continues to face downside pressure declining to a low of 88.23 but managed to take back more than half of those losses to close the week at 91.55. Despite the mentioned recovery, USDJPY has risk to the downside while it holds below the 92.72 and 91.58 levels. This suggests that we could see a retarget of the 88.23 level and even the 88.12 level, its Mar 04'10 low. Alternatively, we will have to see a break back above the 94.76/97 levels, its April 04'10/2010 highs to reverse our downside view. This should bring gains towards its Aug'09 high at 97.77 and next the 101.43 level, its April'09 high. All in all, the USDJPY remains vulnerable to the downside having declined sharply lower the past week.