Bottom forming process may be developing but we will have to see the pair break and hold above the 77.67 level, its Aug 25'2011 high to confirm it. If this occurs, further bull pressure will build up towards the 80.19 level traded on Aug 04'2011 and then 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. Alternatively, in the absence of the above scenario materializing, the risk is for USDJPY to return to its 2011 low at 75.92. A decisive clearance of that level will resume its long term downtrend towards the 74.00 level and then the 73.00 level, all representing its psycho levels.

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