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Tokyo Returns, The BoJ May Be Tested Again


J.P.Morgan Recommend Long USD/JPY

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DOLLAR-CANADA: TECHS: Decline Reaches Lower 1% Volatility Band
*RES 4: $1.3010/12 Initial low Mar 21, 61.8% Fibo retrace
*RES 3: $1.2976/77 Hourly recovery high Mar 21, 50% Fibo
*RES 2: $1.2943 38.2% Fibo of $1.3125-$1.2830 
*RES 1: $1.2900/05 Hourly resistance
*PRICE: $1.2879 @0950GMT
*SUP 1: $1.2830 Intraday low, 1% volatility band
*SUP 2: $1.2803 Mar 12 low
*SUP 3: $1.2790 38.2% Fibo of $1.2249-$1.3125
*SUP 4: $1.2706/19 2% vol band, 38.2% Fibo of $1.2061-$1.3125
*COMMENTARY* The fallout from Monday's test to the swing target at $1.3125 has
been rapid. Today's extended fall below $1.2877 support finding some respite
from the lower 1% volatility band, at $1.2830 by time today. Has become oversold
in the near term and eyes are initially on the $1.2900-$1.2905 area. Will need
back through here before the chance of a greater correction of those losses from
$1.3125. Below $1.2830 and $1.2803-$1.2790 next supports.

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