<Dollar/Yen>

Japanese exporters failed to sell at 80's for their actual demand, so they are now selling from 79.5's and such orders are possibly being placed even lower. QE3 potential is increasing, which will push down USD$ interest rates. Because the net-short Yen has turned into net-long, investors are likely to keep buying the Yen for the moment.

Verbal intervention of BOJ may come in around the 77's but it will need a specific reason for actual intervention, like a new low being created.

Expected Range: 77.500-80.500 Sell the dollar on rallies

<Euro/Dollar>

The Greek re-election was held this weekend, and with an initial move to the upside it has not held. A coalition still needs to be formed and it is unlikely to climb to 1.2800. Commentators have suggested that it is still a good time to sell the Euro.

It is still not clear that Greece will stay in the Eurozone (it wants to renegotiate its debt which at the very least will affect lenders) and major issues with Spain, Italia and Cyprus still remain. Look for the Euro sliding to 2.2285 after breaking below 1.2440.

Expected Range: 1.2285-1.27650  Sell in medium and long term

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