USD/JPY (DailyFX)
USD/JPY Currently in the process of unwinding following the latest surge to fresh 2010 highs by 94.75, with the market now testing former resistance now turned support in the 92.00 area. However, any additional setbacks below 92.00 are seen limited, with our core bias now bullish and favoring the formation of a medium-term higher low ahead of the next major upside extension beyond 94.75 and towards 98.00 further up. Only a two-day close below 92.00 would give reason for concern.
Read more: DailyFX – Currencies Regain Composure as Risk Appetite Picks Up http://www.dailyfx.com/forex/technical/article/morning_slices/2010-04-20-1036-Currencies_Regain_Composure_as_Risk.html#ixzz0ldhC3AAX