BBH - "Yen: The JPY88.80 area is the next immediate dollar target. As the JPY90 area is approached, it may be increasingly important to watch how the yen performs in Asia and whether Japanese corporates try to lock in profits or hedges. Buying dollars on modest dips is likely to be the preferred strategy of the trend following and momentum traders. We anticipate pullbacks to be limited to the JPY86.80-JPY87.30 range.
Sterling: The recovery before the weekend was not as impressive as the euro, but sterling did manage to hold above the $1.60 level. This is where the trend line drawn off the July and Nov lows comes in. A convincing break of it warns of potential for another 1% or so decline. On the other hand, a move above $1.6150 help confirm that a low is in place and push through $1.62 would encourage another run at $1.6400."