USDJPY: With USDJPY bearish and vulnerable, further declines is likely with a decisive break of the 78.66/61 levels expected to trigger further declines. The next downside target stands at the 78.00 level. On further weakness below that level, the 77.66 level will be aimed at where a breach will pave the way for a move further lower towards the 77.00 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Alternatively, the pair will have to break and hold above the 79.78 level, its declining trendline and the 80.59 level to reverse its bear threats and bring gains towards the 81.77 level. Further out, resistance stands at the 82.53 level. All in all, USDJPY continues to face further downside risk in the medium term.
