USD/JPY has continued to edge lower. The support at 89.95 has come under pressure and we have seen some slippage. The short cycles call for this selling pressure to persist into Wednesday but the further support at .8910 should hold. Strength should be capped by resistance at 91.05.
EUR/JPY fell towards the support area at 122.45. Whereas we expect EUR/JPY to see some selling pressure into Wednesday this support level should hold. The resistance at 126.50 should hold over the next day and even the closer level at 124.50.
USD/CAD has been range bound and is holding just above the support at 1.2290. The cycles call for weakness into Wednesday. If the support at 1.2290 gives way further weakness to 1.2185 should be seen. The resistance at 1.2430 should hold.
Tuesday, December 16, 2008
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