USDJPY: Having paused its recent declines and triggered a recovery, further upside is likely. In such a case, the 80.51 level will be targeted with a cut through there targeting its April 04’2012 high at 81.85. Above here will create further upside scope towards the 82.53 level. Its weekly RSI is turning higher supporting further upside. On the downside, a return below its key support standing at the 77.66 level will open the door for a move lower towards the 76.49 level. All in all, though recovering, its medium term downside bias remains intact.
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