USD JPY is unable to break above Friday’s high of 82.45 for the moment. Intraday bias remains on the downside, as long as the 83.67 minor resistance line is not broken. On the upside, if the currency pair is able to break above 83.67 minor resistance line it will reverse the bearish momentum to bullish sentiment. If the uptrend continues and breaks the 84.49 major resistance line, it will indicate an end to the downtrend from the 84.49 high and for us to look for a new trend. On the downside, if the 80.91 major support line is broken it will continue the bearish momentum and target the 80.22 low.
My $0.02 cents: The USD JPY is unable to sustain Friday’s uptrend to the 82.45 high and now is continuing its downtrend again. The currency pair bearish momentum has been strong, since the failed intervention by the BOJ in September 2010. If the downside momentum continues look for the currency pair to target three major support lines; 80.91, 80.22, and 79.75.