USDJPY: Tumbles Lower, Eyes Further Downside.
USDJPY - As referenced in our earlier analysis, our bias remains lower medium term. The pair is now under pressure and as long as it continues to hold below its falling trendline (red), this view remains valid. This leaves the risk of a return to the 77.13/00 levels on the cards. Below here will call for more declines towards the 76.49 level and then the 76.00 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, the pair must break and hold above the 79.64 level and its declining trendline to put on hold its medium term downtrend. This could push the pair further lower towards the 80.59 level where a breach will turn attention to the 81.77 level. All in all, USDJPY remains biased to the downside medium term despite its current recovery attempts.