USDJPY: Looks To Sustain Its Recovery Higher -Although the pair traded lower Tuesday, its looks to build on its corrective recovery triggered at the 94.55 level on Monday.

GBPUSD:Clears And Holds Above The 1.5373 Level -Continues upside offensive saw the breaking above its strong resistance levels at the 1.5352 level, its May 12’09 high and the 1.5373 level, its Jan 08’09 high to close higher above its daily 200 emaon Tuesday.


USDJPY

USDJPY

USDJPY: Looks To Sustain Its Recovery Higher

USDJPY: Although the pair traded lower Tuesday, its looks to build on its corrective recovery triggered at the 94.55 level on Monday. With USDJPY now holding above the 95.62 level, its April 28’09 low, further upside is expected towards the 99.73 level, its May 07’09 high and then the 101.43 level, its April 06’09 high. Beyond the latter will resume its short term upside set off at the 87.13 level towards the 102.42 level, its Oct 20’08 high. Its daily RSI has turned higher suggesting further upmove. Support is see at first at the 95.62 level, its April 28’09 low before the 93.54 level, its Mar 19’09 low and then its Feb 09’09 high at 92.40. On the whole, having halted its downmove, threats now remain to the upside.


GBPUSD

GBPUSD

GBPUSD:Clears And Holds Above The 1.5373 Level.

GBPUSD:Continues upside offensive saw the breaking above its strong resistance levels at the 1.5352 level, its May 12’09 high and the 1.5373 level, its Jan 08’09 high to close higher above its daily 200 emaon Tuesday. With this price development, GBP is now biased to head further higher towards the 1.5724 level, its Dec 17’09 high and possibly higher. It remains supported by its rising daily RSI. On the downside, its eroded the 1.5337 level, its May 12’09 high and the 1.5373 level, its Jan 08’09 high should now reverse roles and provide support. Below there if seen will clear the way for more declines towards the 1.5066 level, its April 16’09 high ahead of the 1.4836 level, its May 04 09 low followed by its April 27’09 low at 1.4517 level. All in all, GBP is now poised to head further higher having resumed its short term uptrend