Archived IMT (2009.12.17)

USDJPY accumulates further gains, looking for an initial target of 90.60, a break of which would pave the way for the important resistance of 91.25. This level is not only the 50% retracement of the decline from the 97.73 high to the 84.83 low, but also a congestion level in mid September, a failed high on Oct 16 and Nov 4th. The $1.4270 target on EURUSD remains viable as technical trading in FX takes over from the data.