USDJPY: Having reversed its previous week gains to close lower the past week, the risk is for USDJPY to weaken further in the days ahead. Support lies at the 80.00 level, its psycho level/Feb 28’2012 low with a violation of there calling for a move lower towards the 78.18/27 levels and possibly lower. Its weekly RSI is bearish and pointing lower supporting this view. Alternatively, the pair will have to break and hold above its April 04’2012 high at 81.85 to halt its downside pressure and then bring gains towards the 82.53 level. All in all, as long as USDJPY continues to hold below the 84.17 level, there is risk of further declines.
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