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Forex Flash: USD/JPY with one more leg to 94.70 prior to failure - Commerzbank

Commerzbank analysts point to 93.32 and 93.96 (38.2% retracement of the move down from 2007) as major resistance/target zone for this move. “The Elliot wave count on the intraday chart is implying we have one more leg to 94.70 prior to failure”, wrote analyst Karen Jones, pointing to support at 89.88 and 89.55.
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Forex Flash: EUR/USD seems immune to crisis in Spain so far – UBS

According to Research Analyst Gareth Berry at UBS, “There was some moderate selling of euro crosses overnight on fears that ECB President Draghi may sound uncomfortable with the euro's strength at the upcoming ECB policy meeting on Thursday, however we're not entirely convinced (given the ECB's historical reluctance to comment on exchange rate levels).
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