USDJPY: Looks To Resume Long Term Downtrend (Weekly Technical Strategist)

USDJPY: We continue to hold our bearish bias on USDJPY and look for it to convincingly break and hold below the 76.30 level.That level was tested and held the past week. Below here will call for a run at the 74.00 and 73.00 levels, all representing its psycho levels. Its weekly RSI is bearish and pointing lower suggesting further weakness. On the upside, the pair will have to break and close above the 80.19 level traded on Aug 04’2011 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. All in all, USDJPY remains biased to the downside in the long term.