USDJPY: Broadly Biased To The Downside, Targets The 76.57/60 Levels.

USDJPY: The risk continues to point to the downside as USDJPY looks to weaken towards its Jan 04’2012/Nov 18’2011 lows at 76.57/60. On a clearance of that level, further bear pressure will build up towards the 74.00 level and then the 73.00 level, all representing its psycho levels. Its daily RSI is bearish and pointing lower supporting this view. Conversely, USDJPY will have to climb back above the 78.18/27 levels to put its present bear threats on hold. This will open the door for a run at the 79.49 level, its Oct 2011 high followed by the 81.47 level, its July 08’2011 high and subsequently the 82.21 level, its May 24’2011 high. All in all, USDJPY is biased to the downside in the long term as it looks to resume that trend.