USDJPY: Price hesitation is now seen on the pair’s inability to extend its recovery. However, the pair continues to hold on to most of its recovery gains started from the 77.66 level. This leaves upside risk towards 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. Its daily RSI is pointing higher suggesting further upside. The alternative scenario will be a move lower towards the 78.40 level where a violation will aim at the 77.66 level, its Jun 2012 low. This will annul its recovery risk and resume its weakness. Further support stands at the 77.02 level. All in all, USDJPY remains biased to the upside on correction though vulnerable.
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