USDJPY: We continue to hold our downside bias on USDJPY as it weakened on Wednesday, opening the door for further declines towards the 79.34 level. A decisive cut through here will allow for more weakness towards the 78.18/27 levels with a turn below here setting the stage for a run at the 77.35 level. Its daily RSI is bearish and pointing lower suggesting further declines. On the other hand, the pair will have to break and hold above the 81.77 level to end its present bear threats. This will call for a push higher towards the 82.53 level. Its daily RSI is bullish and supportive of this view. All in all, as long as USDJPY continues to trade and hold below the 81.77 level, the broader risk remains to the downside.
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