USDJPY: Weakens, Further Bear Threats Seen.
February 27, 2013 in Forex Analysis
USDJPY: The pair still faces downside pressure on correction. Further downside is likely towards the 90.86 level. Below here could force further downside towards the 90.00 level. On ending the mentioned correction, it should return above the 94.45 level to trigger medium term uptrend. Further out, resistance resides at the 95.00 level with a turn above here aiming at the 95.50 level followed by the 96.00 level and next the 96.50 level. On the downside, support resides at the 92.20 level where a break will aim at the 91.70 level and then the 90.00 level. A cut through there will aim at the 89.00 level. All in all, USDJPY remains biased to the upside in the medium term.