USDJPY: With the pair’s recovery failing and seeing it selling off for a third day in a row on Wednesday, risk of a return to its key support is envisaged. In such a case, the 77.88/66 levels will be targeted where a violation will aim at the 77.00 level, its psycho level. Below here will call for more declines towards the 77.35 level and then the 76.49 level. Its daily RSI is bearish and pointing lower suggesting further declines. On the upside, the pair must break and hold above the 79.64 level to annul its present bearishness. This could push the pair further towards the 80.59 level where a breach will turn attention to the 81.77 level. All in all, USDJPY remains biased to the downside with risk towards its key support.
