USDJPY: Biased To The Upside Above The 78.66/76 Levels.
USDJPY: Although seen backing off higher level prices, as long as its broken resistance at 78.66/73 levels hold as support, the risk remains higher. In such a case, the 80.59 level will be targeted where a breach will turn attention to the 81.77 level and possibly higher. On the downside, the threat is for the pair to return to the 78.66 level where a reversal of roles as support is likely to occur. However, if this fails, the 77.92 level, its July 23’2012 low will be aimed at with break of there opening the door for more declines towards the 77.66 level and next the 77.00 level. All in all, USDJPY remains biased to the upside on corrective recovery though facing bear risks.