USDJPY: Broadly Biased To The Upside.
USDJPY: With the pair holding on to its bullish strength triggered off the 77.13 level, its Sept’2012 low, there is risk of further upside in the medium term. This leaves USDJPY targeting the 85.49/74 levels where its weekly ema/April 2011 high are located. A decisive violation of here will turn attention to the 86.88 level and possibly higher towards the 87.50 level. Its weekly RSI is bullish and pointing higher supporting this view. On the downside, support comes in at the 84.17 level followed by the 82.82 level where a reversal of roles as support is likely to occur. However, if this fails, the 81.44 level will be aimed at. All in all, USDJPY remains biased to the upside in the medium term.
