USDJPY: Weakens, Targets The 75.92 Level On Price Failure

USDJPY:  With attempt at recovering ending at 77.21 and turning the pair lower on  Tuesday, risk is now building up for a return to the 75.92 level, its 2011 low.A decisive clearance of that level will eventually resume its long term downtrend 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, USDJPY 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. Further resistance lies at the 82.21 level and then the 83.27 level, its April 18’2011 high.