USDJPY: Despite its present price hesitation following its strong weekly close the past week, USDJPY continues to maintain its medium term uptrend. This development leaves the pair targeting the 82.80 level, its April 27’2011 high and possibly higher towards the 83.75 level, its April 15’2011 high. On continued strength, the pair could target the 85.49 level. Its daily 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 level 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 followed by the 76.01 level. All in all, as long as USDJPY continues to trade and hold above the 81.86 level, its medium term uptrend remains intact.
