USD/JPY: Recovery Stalls

By @ibtimes on

The pair remains vulnerable to downside after taking back most of previous week gains last week. With that said, risk of further weakness is likely towards the 84.71 level. On a break and hold below there, USDJPY should targetthe 82.00 level, its psycho level where a violation will target the 81.00 level. However, if a recovery is triggered further strength should develop towards the 86.87 level with a clearance of there turning focus towards the 88.11 level and then the 89.30 level. A loss of that level will aim at the 89.68 level, its broken rising trendline.

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