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USDJPY:  While an imminent threat of further weakness is now seen in USDJPY following the formation of an evening star candle pattern(top reversal signal) the past week, a follow through lower will be needed to confirm its(candle pattern) efficacy. Our broader view remains to the upside while the pair continues to hold within its rising channel. Upside targeted are located at the 99.68 level, its Mar 05’09 high and the 100.55 level, its Nov 04’08 high with a turn above there allowing more strength towards its April 06'09 level at 101.45 where a loss will resume its upmove triggered off the 87.13 level towards the 102.42 level, its Oct 20’08 high followed by the 103.07 level, its Oct 14’08 high. On the downside, the 98.87 level, its Mar 26’09 high serves as the nearby support ahead of the 95.96 level, its Mar 30’09 and subsequently the 94.62,its Jan’09 high. On the whole, while USDJPY holds within its rising channel, its short term uptrend started at the 87.13 level remains to the upside.

Support Comments
98.97 Mar 17’09 high
97.63/41 Daily emas
95.95 Mar 30’09 low

Resistance Comments
99.68 Mar 05’09 high
100.50 Nov 04’08 high
101.43 April 06’09

Dailly Chart: USDJPY