USDJPY: Bull Pressure Puts Risk At The 94.76 Level.
USDJPY: Having maintained a positive tone on Thursday and broken through the 93.77 level, its April’09 high today, we are likely to see a continuation of that move towards the 94.76 level, its 2010 high in the coming week. Further strength above 94.76 level will set the stage for a move higher towards its Aug’09 high at 97.77 and subsequently the 101.43 level, its April’09 high. This view remains valid as long as the pair holds above the 93.76 and the 91.58 levels. Its present upside offensive is consistent with its short-term uptrend triggered from the 84.80 level. On the downside, nearby support lies at the 93.76 level with a break turning focus to the 92.46 level, its April 20’10 low ahead of the 91.58 level, its April 19’10 low. Overall, USDJPY still holds its short-term uptrend triggered from the 84.80 level and looks to return above the 94.76 level in the days ahead.
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