USDJPY: Ends Recovery, Sells Off.
USDJPY: As referenced in our previous analysis of the possibility of the pair failing at or ahead of its trendline resistance (red), we are currently seeing that happening. This development has turned the risk lower with the possibility of recapturing its key support at the 77.13/00 levels. A cut through here will target further declines towards the 76.49 level and then the 76.00 level. Its daily RSI is bearish and pointing lower suggesting further declines. On the upside, the pair must break and hold above the 79.64 level to halt its broader bearishness. This if seen could push the pair further lower towards the 80.59 level where a breach will turn attention to the 81.77 level. All in all, USDJPY remains biased to the downside in the medium term.
