USDJPY: With USDJPY selling off on the back of its Thursday losses, the risk is for it to decline further towards the 80.29 level. While holding below the 81.77 level, this view remains valid. Further down, support lies at the 80.00 level, its psycho level/Feb 28’2012 low with a cut through here allowing for more weakness towards the 78.18/27 levels. Its daily RSI is bearish and pointing lower supporting this view. On the other hand, the pair will have to break and hold above the 81.77 level to halt its present bear threats. This will call for a run at the 82.53 level. Its daily RSI is bullish and supportive of this view. All in all, as long as USDJPY continues to trade and hold below the 81.77 level, there is risk of further weakness.
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