USDJPY: With USDJPY building on its previous week gains at the end of the week, the risk is for further bullish momentum to continue. In such a case, the 81.47 level, its July 08’2011 high will be targeted with a violation of there aiming at the 82.21 level, its May 24’2011 high. Its weekly RSI is bullish and pointing higher suggesting further strength. On the other hand, key support lies at the 78.18/27 levels where a breach will push the pair back to the 77.35 level, its Feb 14’2012 low and then the 76.01 level. Below here if seen will aim at the 75.57 level, its Oct’2011 low All in all, USDJPY remains biased to the upside on further strength.
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