After failing (at 80.19) to maintain its bullish momentum started from the 76.30 level, USDJPY remains biased to the downside and looks to recapture that level. If this materializes, the 74.00 level and then the 73.00 level, all representing its psycho levels will be targeted . Its daily 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 Thursday last week 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.

"Daily