Archived IMT (2008.10.27)

USDJPY seen capped at trend line resistance of 93.75-80 yen, followed by considerable selling at 94.20, while downside target stands at 92.30 and 91.80. GBPUSD unlikely to extend gains beyond $1.5640s, where selling pressure seen driving renewed downside towards $1.5380s, followed by $1.5310. EURUSD recovers off its 31-month low of $1.2332 but to sruggleat $1.2520 as but neither latest IFO survey nor prolonged volatility likely to allow EUR above $1.2587 (38% retracement from $1.3000 high).