USDJPY: With continued bullish momentum seen, we expect USDJPY to extend its upside offensive towards the 85.49 level. On a break and close above there, further gains should shape up towards the 86.88 level where a break will eye the 88.00 level. Its weekly RSI is bullish and pointing higher supporting this view. Alternatively, on any pullback, its broken support at 81.86 level should reverse roles and provide support. However, if that fails to hold, further weakness should build up towards the 80.57 level where a breach will target the 78.18/27 levels and then the 77.35 level, its Feb 14’2012 low . All in all, having resumed its medium term uptrend, ways are now open for further strength in the days ahead.
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