BMO Capital Markets - "the forthcoming key US data today and tomorrow will, we think, be significant for USD/JPY and equity markets. If the data are particularly strong, we suspect that a decent portion of the moves towards a weaker USD could be unwound by the end of the week, particularly if European equities move towards the “black” and US equities strike a buoyant tone. In the event of strong US data, we might look to start fading rallies or taking profit on long USD positions in AUD/USD…

UBS - "USDJPY BULLISH With the broader bull trend in place, the next major resistance focus is at 105.60. Support is at 101.26.

EURUSD BEARISH Any upside will be limited as bearish conditions persist. Resistance is at 1.2967 and 1.3020. Support is at 1.2797, a break below would expose 1.2746 ahead of the critical 1.2662.

The pair sold off sharply to test support at 1.5128 yesterday.

GBPUSD BEARISH There is scope for more downside in the near-term. Next support is at 1.5034 ahead…

This is my scenario:

TD Securities - "We have upgraded our outlook for the USD across a broad front. We are adjusting our views to reflect some market developments that have occurred a little more rapidly than we had expected (such as the push up in USD/JPY). But we are also recognising the emergence of some trends that we feel support our long-held view that the USD’s secular bear trend is very mature and is poised to show signs of a further recovery.

(...) We have upgraded out USD/JPY forecast to reflect…

Societé Generale - "The FX markets are now under the influence of a trilogy of themes: the American economic revival, diverging monetary policy expectations and the (unfinished) euro area (EA) crisis.

Those themes all point in the same direction: a stronger dollar. Dollar strength is now far less dependent on risk conditions; the US economic outperformance and the fears of a not-too-distant Fed exit imply that the dollar is no longer a funding currency of choice in the carry trade. The…

EUR/USD: 4-hour

Looks like traders aren't quite ready to take EUR/USD lower, eh? After forcing the pair below the 1.3000 major psychological handle, the market took a U-turn and pushed price back inside the range. If you think it'll keep rising, aim for the previous high around 1.3200. On the other hand, if you feel that sellers are just taking a breather, you might want to…

Analysts at Morgan Stanley are making a courageous call on USD/JPY, recommending shorts with a target of 94.00/92.00. They recommended the trade from 101 (spot is now at nearly 102) with a stop at 103.00.

“We believe the JPY weakening trend has overshot many of the flow indicators, suggesting…

Westpac - "AUD/USD: Broad USD strength has been punishing AUD more than most, just as the opposite usually holds true. Stronger local data calls into question when the RBA will cut again, helping limit AUD/USD downside. But the cleanout could easily extend to 0.9850/70 near term before bouncing back above 1.00 on stretched short positioning.

NZD/USD: A possible peak in NZ economic momentum and record spec long NZD positions in the futures market dovetail with the stronger USD move to…

Rabobank - "Early May, (...), has brought better US data and therefore a new least of life for the greenback. Better US data has increased the market’s sensitivity to speculation regarding when the Fed could start to reduce the amount of its monthly $85 bln asset purchases. (...) Despite this better tone, we are sceptical on the ability of the USD to push aggressively higher from current levels. The fiscal consolidation announced in the US this year will continue to have an impact for months…

UBS - "USDJPY BULLISH The pair extended its strength and is approaching first resistance at 103.07, a break above which would open the important 105.50. Support is at 100.54 ahead of 98.58.

GBPUSD BULLISH The latest setback does not change the broader bullish picture. Support is at 1.5310 ahead of 1.5219. Resistance is at 1.5458 ahead of 1.5606.

EURUSD NEUTRAL Friday's sell-off stalled exactly at the strong support at 1.2936. A closing break below would be a bearish development,…

Rabobank - "We have been arguing over the past month that while the yen should remain on a weakening trend that the upside potential of USD/JPY would be slowed if the market was paring back the size of its USD positions. This view seems to have been upheld in April though yesterday’s break of the psychologically important USD/JPY100 levels has injected fresh life into the currency pair. Over the coming weeks we continue to expect that the tone of the USD will be key in determining the pace…

UBS - "The overnight break above the psychological 100 level is likely to pave the way for further upside too. The break was accompanied by broad-based dollar strength which chimes with our more general stronger dollar view for 2013.

With events unfolding in favour of further yen weakness, we take this opportunity to raise our 1m and 3m USDJPY forecasts to 102 and 105 respectively (previously both stood at 95.00). Our end-2013 forecast remains at 110.

(...) The dollar has chalked up…

UBS - "USDJPY BULLISH With the broader bull trend in place, any downside will be limited. Support is at 97.90 ahead of 97.01. Important resistance is at 99.95 ahead of 101.45.

GBPUSD BULLISH Critical resistance at 1.5606, a closing break above this would be positive opening the way to 1.5689 and 1.5789. Support is at 1.5481 ahead of 1.5402.

EURUSD NEUTRAL Initial support is at 1.3033, a break below this would expose 1.2995 and then 1.2936. Resistance is at 1.3159 ahead of…

National Australia Bank - "Key trade ideas:

We remain long of USD/JPY from 99.40, looking for a break through 100 in the wake of stronger US data.

Our short AUD, long CAD established at 1.0635 is more than 2 cents in the money and we still target parity.

We have closed our short AUD/NZD position from 1.2525 at 1.2058 for a profit of 3.73%, though we stand ready to re-sell given divergent economic fundamentals and rate profiles.

We are still short GBP/USD from 1.5150, but will…

Royal Bank of Scotland - "Japan is on holidays today, but I like the way USD/JPY has traded technically and it is time to rebuild a long position, with a stop below the recent lows (97).

USD/JPY rallied essentially with the fall in EUR/USD after the ECB policy announcements. As this was about EUR, arguably it should have had little impact on weakening the JPY. If there was excessive long USD/JPY positioning or a lack of demand, the ECB easing and a weaker EUR could have triggered a…

UBS - "USDJPY NEUTRAL The latest setback does not change the broader bullish picture as long as strong support at 95.80 holds. Initial resistance is at 98.20 ahead of the psychological 100.00.

GBPUSD BULLISH The pair posts new recovery high and tested the critical resistance at 1.5606, a closing break above this would open 1.5689. Support is at 1.5468.

USDCHF BEARISH There is a critical support at 0.9207 ahead of 0.9150. Near-term resistance is at 0.9310 ahead of 0.9384.

EURUSD…

Rabobank - "Insofar as the market has built up heavy USD long positions there is risk that the USD correction still has a long way to go. That said, clearly a lot of risk lies with the tone of US economic data. To date, it seems likely that the fiscal consolidation measures that have been announced in the US since the start of the year haven’t yet has an opportunity to show up in much of the official economic data. This also suggests that the USD’s pullback will have further to run.

In…

TD Securities - "We highlighted signs of instability and weakness in the underlying bull trend in USD/JPY in the past couple of weeks (the big, bearish divergence on the daily chart between the spot market and the smoothed slow stochastic oscillator, for example). This week, price action is delivering some concrete signals of an important price reversal via a bearish “engulfing line” on the weekly chart. This is a classic—and usually reliable—candle reversal. The broader move up has been so…