Vulnerability to the downside continues to be seen but USDJPY will have to break and hold below the 76.57 level to convince the market it has ended its upside offensive. If this occurs, the 75.57 level, its Oct'2011 low will be targeted with a break turning attention to the 74.00 level and then the 73.00 level, all representing its psycho levels. Its daily RSI is bearish and pointing lower supporting this view. Conversely, USDJPY will have to climb back above the 78.18 level to trigger its corrective recovery. This will clear the way for a run at the 79.49 level, its Oct 2011 high followed by the 81.47 level, its July 08'2011 high and subsequently the 82.21 level, its May 24'2011 high. All in all, USDJPY is biased to the downside in the long term despite its recovery attempts.

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