USDJPY: Biased To The Downside Below The 79.78 Level.

[Mohammed Isah]

USDJPY: As long as the pair continues to hold below the 79.78 level and 200 ema, we look for more weakness to occur. This development could see price extension targeting the 77.66 level. Below here will annul its recovery risk and resume its weakness. Further support stands at the 77.02 level. Its daily RSI is bearish and pointing lower supporting this view. On the other hand, the risk to this analysis is for USDJPY to return above the 80.14 level where a break will set the stage for a run at the 81.77 level. A break will signal further upside towards the 82.53 level. All in all, USDJPY has halted its correction and looks to weaken further.