HIGHLIGHTS:

EURUSD: Hesitation To Upside Bias -Although a positive close was registered on Thursday , EURUSD must break and hold above its daily 200 emacurrently at 1.3434 to continue its recovery triggered off the 1.2884 level, its April 22’09 low.

USDJPY: Retargeting The 99.68 Level -With a recovery higher seen Thursday following its corrective pullbacks initiated at the 99.55 level, its May 04’09 high, a return to the 99.68 level, its Mar 05’09 high is likely.


EURUSD

EURUSD: Hesitation To Upside Bias

EURUSD: Although a positive close was registered on Thursday , EURUSD must break and hold above its daily 200 emacurrently at 1.3434 to continue its recovery triggered off the 1.2884 level, its April 22’09 low. On an eventual loss of the 1.3434 level, its April 06’09 high at 1.3580 will be targeted with a break of there opening the door for more upside gains towards its Mar 23’09 high at 1.3738. Its daily studies are bullish and heading higher suggesting further higher prices.
On the downside, its breakout point at 1.3263 will come in as the next downside target followed by the 1.3113 level, its Mar 30’09 low and the 1.3097/93 area, its Feb 09’09 high/.50 Ret (1.2456-1.3738 rally) ahead of the 1.2991 level, its Feb 23’09 high with a clearance of the latter setting the stage for a decline towards its Mar 16’09 low at 1.2833.Below there will open the door for further decline towards the 1.2456 level, its Mar 04’09 high. On the whole, with the pair breaking out of its declining channel, recovery high is likely to be seen.


USDJPY

USDJPY: Retargeting The 99.68 Level.

USDJPY: With a recovery higher seen Thursday following its corrective pullbacks initiated at the 99.55 level, its May 04’09 high, a return to the 99.68 level, its Mar 05’09 high is likely. But above there needs to be printed to resume its recovery off the 95.62 level, its April 28’09 low towards the 101.43 level, its April 06’09 high with a turn above the latter resuming its short term upside set off at the 87.13 level towards the 102.42 level, its Oct 20’08 high. On the downside, supports are located at its 200 & 50 emasat 97.74 ahead of the 95.62 level, its April 28’09 low and then the 94.62,its Jan’09 high.. On the whole, though now in a corrective mode, USDJPY is expected to resume overall short term uptrend.