USDJPY: Directional moves have been triggered following the pair’s break and hold the 78.66/79.39 levels on Wednesday. The risk is for it to retarget the 80.59 level on continued recovery. If this occurs, expect further upside towards the 81.77 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, the risk is for the pair to return to the 77.92 level, its July 23’2012 low. A breach of here will open the door for more weakness towards the 77.66 level where a violation will pave the way for a push further lower towards the 77.00 level. All in all, USDJPY remains biased to the upside on corrective recovery.
Trusted by 3,000+ Traders, FXTechstrategy Forex Research Helps You Make Better Trading Decisions Everyday
