While the pair may be biased to the downside on correction, as long as it holds above the 78.78 level, upside risk cannot be ruled out. However, if that level is taken out, further weakness should develop towards the 77.66 level followed by the 77.00 level. Alternatively, the pair will have to break and hold above the 80.59 level to reverse its present weakness and bring gains towards the 81.77 level. Further out, resistance stands at the 82.53 level. All in all, USDJPY faces further downside risk.
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