EUR/GBP remains under pressure and attention is now focussed on the 2007-2011 uptrend, which is located at .8320. This is likely to hold the initial test and we would allow for some profit taking from here.

USD/JPY has eroded resistance at 83.70/75. This is the 78.6% retracement of the December to January down move and the January high. The break above here is expected to trigger further gains to the 84.41/51 recent highs. This is likely to provoke some near term profit taking. However note that we have a confirmed buy signal on the DMI (directional movement indicator), this means that we consider this resistance is now exposed. Longer term we target 88.00/15.