USDJPY: Heads Lower, Looks To Resume Long Term Downtrend ( Special Focus)

USDJPY:  Bear risk continues to build up towards the 76.30 level, its 2011 low where a break will resume USDJPY’s long term downtrend now on hold. A firm penetration and negation of the 76.30 level will set the stage for a push further lower towards the 74.00 level and then the 73.00 level, all representing its psycho levels. Its daily RSI is bearish and pointing lower supporting this view. On the upside, the pair must break and close above the 80.19 level traded on Thursday last week to end its present bearishness and create scope for more gains towards the 81.47 level, its July 08’2011 high and then the 82.21 level. Further resistance resides at the 83.27 level, its April 18’2011 high.