USDJPY: With the pair targeting the 81.58 level after ending its recent corrective declines, it looks to return above that level and beyond. Above here will call for more recovery towards the 82.21 level, its May 24’2011 high and possibly higher towards the 82.80 level. Its daily RSI is bullish and pointing higher supporting this view. On the other hand, a break back below the 78.18/27 levels if seen could put on hold its nearer term uptrend and 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 and possibly lower towards the 74.00 level, representing its psycho level. All in all, USDJPY remains biased to the upside in the near term.
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