USDJPY: The pair has taken out the 79.78 level, leaving the risk of further upside gains on the cards. The immediate risk points to the 80.52 level and subsequently its April 04’2012 high at 81.85. Further out, resistance resides at the 82.53 level. Its weekly RSI is bullish and pointing higher supporting this view. The alternative scenario will be for the pair to turn lower towards its broken resistance at 79.78 level. A reversal of roles a support is expected to occur here but if this level breaks, the 77.66 level will be aimed at. Further down, support lies at the 76.49 level and then the 75.57 level. All in all, USDJPY looks to recover higher in the new week.
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