HIGHLIGHTS:

GBPUSD: Set To Trigger Resumption Of Recovery Off The 1.3655 Level -Having closed higher above its Feb 09’09 high at 1.4986 and its psycho level at 1.5000 on Monday, a build up on those gains was seen today pushing the pair above its key resistance at the 1.5066 level, its April 16’09 high.

EURJPY: Maintaining Further Strength -As recovery off its hammer low at 124.38 continues to build up,EURJPY was seen trading and closing above its 200 daily emaresiding at the 131.59 level in early trading today.


GBPUSD

GBPUSD

GBPUSD: Set To Trigger Resumption Of Recovery Off The 1.3655 Level.

GBPUSD: Having closed higher above its Feb 09’09 high at 1.4986 and its psycho level at 1.5000 on Monday, a build up on those gains was seen today pushing the pair above its key resistance at the 1.5066 level, its April 16’09 high. A break above here will trigger the resumption of its recovery activated at the 1.3655 level, its Mar 11’09 high towards the 1.5373 level, its Jan 08’09 high. The daily stochastics and RSI are positive and trending higher suggesting further upside gains. Downside target is initially located at the 1.5000 level ahead of its Feb 09’09 high at 1.4986 where a cap is expected to turn the pair higher again.Furtherdown,supportsare situated at the 1.4662 level, its Feb 23’09 high and its April 22’09 low at 1.4396 with the next downside objective located at the 1.4305 level, its Mar 06’09 high. All in all, having returned above its key resistance and held above its rising trendline, GBP now looks to target further higher prices.


EURJPY

EURJPY

EURJPY: Maintaining Further Strength.

EURJPY: As recovery off its hammer low at 124.38 continues to build up,EURJPY was seen trading and closing above its 200 daily emaresiding at the 131.59 level in early trading today. A continued hold above this level should bring further upside gains towards its Mar 24’09 high at 134.52 with a clearance of there targeting the 137.41 level, its April 06’09 high. Daily studies have turned higher suggesting further upside gains. Downside objectives are located at the 129.26 level, its April 24’09 high with a loss of there opening the door for lower prices towards the 126.40 level and then the 124.38 level, its April 28’09 level ahead of the 122.12 level, its Mar 12’09 low. On the whole, having triggered a recovery higher, further upside is now expected.