USDJPY: The pair continues to press higher following through on the back of its Thursday rally and targeting the 79.49 level, its Oct 31’2011 high. This suggests that further attempt on the upside could occur towards the 81.47 level, its July 08’2011 high and subsequently the 82.21 level, its May 24’2011 high. Its daily RSI is bullish and pointing higher suggesting further strength. On the other hand, a break back below the 78.18/27 levels if seen could push the pair back to the 77.35 level, its Feb 14’2012 low and then the 76.01 level. Below here will aim at the 75.57 level, its Oct’2011 low with a break of that level paving the way for a run at the 74.00 level, representing its psycho level. All in all, the pair is biased to the upside in the near term.
