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Weekly Technical Strategist: USDJPY

USDJPY: Vulnerable To THe Downside Long Term. 
 
USDJPY: With attempts on the upside continuing to falter, the risk remains lower in the long term. With that said, further weakness is expected towards the 79.57 level, its May 05’2011 low on continued upside failures.Further down, support lies at the 78.00 level, its psycho level and possibly lower towards the 76.18 level, its 2011 low. Alternatively, a break and hold above the 81.27 level, its Jun 28’2011 high must occur to put its downside vulnerability on hold and then aim at  the 82.21 level. Further resistance stands at the 83.27 level, its April 18’2011 high and subsequently the 85.49 level, its April’2011 high.