David Fuller's view USD/JPY - shows a developing base formation capable of supporting higher levels over the medium term. A move beneath the recent reaction low near ¥91.60 would be required to indicate more than brief resistance near this month's high to date.

AUD/JPY - is consolidating near its October and January highs and appears well supported overall. A move beneath ¥83.95 would be necessary to question near-term scope for an upward break.

CAD/JPY - is consolidating above a large base formation and a move under ¥90 is required to indicate more than temporary resistance near this month's highs before an additional advance occurs.

China (SHCOMP) - fell sharply on Monday to test the lower side of the range formed since late January. A close above 3040 is the minimum required to remove pressure from the range lows, including the upside key day reversal on 3rd February. This Index has also moved back beneath its 200-day MA and the psychological 3000 level. The FTSE XINHUA China A600 Bank Index has led the way down having fallen back beneath its MA and broken the February low. It is beginning to appear somewhat overstretched near the psychological 10,000 level but an upward dynamic is required to indicate more than temporary support near this level.

India (SENSEX) - could not maintain its early-April break to a new recovery high and fell back in a break of its short-term upward trend evident since the February low and successful test of the rising MA. However it has steadied once again in a potential consolidation and a close above 18,000 would reaffirm the ranging upward bias. India's Bombay Banks Index is providing a bullish lead and broke to a new recovery high today. A close beneath 10,400 would be required to reaffirm resistance near the psychological 11,000 level and offset current scope for a further advance towards the 2008 peak.

USA (SPX) - saw little downside follow through after last week's downward dynamic near the psychological 1200 level and closed at a new recovery high today. While it looks somewhat overstretched relative to the MA, another downward dynamic and / or a close beneath 1180 is required to signal renewed vulnerability.

Gold - pushed back above $1150 today, reaffirming support from the underlying trading range. This lengthy consolidation appears capable of supporting another advance towards at least the December peak and a close beneath Monday's reaction low near $1124 is required to question further this bullish hypothesis.