USDJPY: With a second day of strength underway, risk exists towards the 93.74 level, its Jan 07’10 high. A convincing break of that level will allow the pair head further higher towards the 94.76 level, its 2010 high and then its Aug’09 high at 97.77. Beyond the latter will expose the 101.43 level, its April’09 high. This view is consistent with its short-term uptrend triggered from the 84.80 level. On the downside, nearby support lies at the 91.58 level, its April 19’10 low with a loss of there turning focus to its Mar 12’10 high at 91.07. Overall, USDJPY still holds its short-term uptrend triggered from the 84.80 level though facing corrective to consolidation price action.
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