JP Morgan - "JPY is the key focus following last week’s bearish action and breakout for USD/JPY. With the push through the important 94.77/95.00 resistance zone (includes the 2010 high), the focus is now on the 97.00/97.80 zone (includes the Aug ’09 high). In turn, corrective retracements are viewed as buying opportunities as pullbacks should find support at 94.75/94.10 and 93.50. Still, given the potential momentum divergences, the upside is likely to be more of a grind to new highs. Cross JPY has shifted higher as well with the rally taking on a more impulsive, trending bias. EUR/JPY now sees key resistance near 126.00 which should define whether a test/break of the Feb high can develop. Also, CAD/JPY sees important resistance at the 94.52 Feb high and NZD/JPY at 79.65. Note that AUD/JPY has broken through important resistance at 97.74 while suggesting a closer test of the 99/100 area."