USDJPY: With USDJPY rallying strongly and reversing its Wednesday losses during Thursday trading session today, further bullish offensive is now set to target the 79.49 level, its Oct 31’2011 high. A clearance of here will set the stage for a run at 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 will annul its present bullish bias and then target the 77.35 level, its Feb 14’2012 low and the 76.01 level. Below here will aim at the 75.57 level, its Oct’2011 low where a break will pave the way for a push lower towards the 74.00 level and followed by the 73.00 level, all representing its psycho levels. All in all, the pair is biased to the upside in the near term.
