The pair has failed to sustain its upside pressure and turned lower for a second day in a row. This leaves USDJPY targeting further weakness towards the 78.61 level. A turn below here will reverse its recovery tone to downside tone leaving the risk of recapturing the 77.66 level on the cards. Below here will resume its weakness and aim at the 77.02 level. Its daily RSI is bearish and pointing lower. The alternative scenario will be a return above the 80.59 level. This will set the stage for more corrective strength towards the 81.77 level. Further out, resistance stands at the 82.53 level. All in all, USDJPY has turned lower on price failure and now looks to weaken further lower.
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