USDJPY: With continued rally seeing USDJPY breaking and holding above the 82.82 level to resume its medium term uptrend, the minimum upside target resides at the 83.30 level, its April 02’2012 high. A cut through here will set the stage for more gains towards the 84.17 level, its 2012 high. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support comes in at the 82.82 level where a reversal of roles should occur and turn it higher. However, if this fails to happen, expect further declines to develop towards the 81.67 level where a respite may occur and turn it higher again. Below here if seen could expose the 80.65 level. All in all, USDJPY continues to retain its medium term uptrend.
