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USDJPY: The pair declined further on Tuesday increasing the risk of retargeting the 77.88/66 levels. As long as it continues to hold below its falling trendline (red), this view remains valid. This leaves the risk of a return to the 77.88/66 levels on the cards. A decisive violation of here 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. 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 lower 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.
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