Having reversed its entire corrective gains and closed lower for the week, pressure is now building to the downside towards the 74.00 and 73.00 levels, all representing its psycho levels. However, it will have to convincingly break and hold below the 76.43 level, its 2011 low to target the above mentioned levels. Its weekly RSI is bearish and pointing lower supporting this view. On the upside, the pair must break and close above the 80.19 level traded on Aug 04'2011 to end its present bearishness and create scope for more gains towards the 81.47 level, its July 08'2011 high and then the 82.21 level. Further resistance resides at the 83.27 level, its April 18'2011 high. All in all, USDJPY remains biased to the downside in the long term.
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