USDJPY: Biased To The Downside, Declines.

[Mohammed Isah]

USDJPY: Despite With starting the weak and vulnerable, the ris is for present declines to extend. In such a case, its May 23'2012 low at 79.20 level wiwll be targetedUSDJPY’s higher close the past week, it continues to hold on to its broader downside bias. This leaves the risk of a return to the 78.18/27 levels on the cards and possibly lower targeting the 77.35 level. Its weekly RSI is bearish and pointing lower supporting this view. Alternatively, the pair will have to break and hold above its April 04’2012 high at 81.85 to halt its downside pressure and then bring gains towards the 82.53 level. All in all, with its downside bias intact, the broader risk remains lower.