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USDJPY: Bears Take Control, Risk SeenTowards The 76.54 Level.

USDJPY: The pair is now on a second day of sell off following its failure to continue its recovery strengthstarted from the 76.54 level. It looks like USDJPY could be buildingup downside momentum with the possibility of returning to thementioned support at 76.54 level, its Jan 17’2012 low. If thatlevel is taken out, further declines should shape up towards its 2011low at 75.57 where a violation will aim at the 74.00 level ahead ofthe 73.00 level, all representing its psycho levels. Its daily RSI isbearish and pointing lower supporting this view. Alternatively, inorder for the pair to restart its bullish strength, it will have tobreak and hold above the 78.20/27 levels. This will open up furtherupside towards the 79.49 level, its Oct 2011 high followed by the81.47 level, its July 08’2011 high and subsequently the 82.21level, its May 24’2011 high. All in all, USDJPY is biased to thedownside long term which is consistent with its present bear threats.