USDJPY: Targets Further Declines.
USDJPY - Bear threats continue to be seen as a reversal of its one-day gain is now underway. On continued declines, the 78.61 level will come in as the next downside objective. Below here will reverse its recovery tone to downside tone leaving the risk of recapturing the 77.66 level on the cards. A cut through here will resume its medium term weakness and aim at the 77.02 level. Its daily RSI is bearish and pointing lower. The alternative scenario will be a return above the 80.59 level to occur. This if seen will set the stage for more corrective strength towards the 81.77 level. Further out, resistance stands at the 82.53 level. All in all, USDJPY has turned lower on price failure and now looks to weaken further lower.