USDJPY: The pair has resumed its medium term uptrend after ending its corrective recovery. This leaves the pair targeting further upside towards the 84.50 level. Above here will bring further upside offensive towards the 85.00 level and then the 85.80 level, its weekly ema. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support comes in at the 83.30 level, its April 02’2012 high. A cut through here will set the stage for more declines towards 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. All in all, USDJPY continues to retain its medium term uptrend.
