Archived IMT (2009.02.24)

The 3-month highs in USDJPY to 96.11 stands at the 38% retracement of the 110.41-87.28 pullback. Daily stochastics suggest extended gains in USDJPY to as high as 97.20. But the next key resistance is seen emerging at the 98.85 trend line resistance extending from the Aug 14 high. Fed Chairman Bernankes semi annual testimony to the Senate Banking Committee at 15:00 GMT will reiterate will be scrutinized for his take on the plan for issuing convertible preferred shares as well as the stress tests imposed on banks in the form of capital ratios.