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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