The USDJPY has rightfully remained pressured after the weaker US Employment report (along with the JPY crosses of course).
- On the daily chart, the price tested bottom trend line support at the 81.38 (low of 81.30) and rebounded only modestly.
- The 38.2% of the sharp fall comes in at the 81.77 level and this level will be topside resistance for the pair. The price could only correct up to the 81.68 area from the lows.
A move below the 81.38 level is needed to push the pair further to the downside with targets at the 81.05 (38.2% of the 2012 range), 80.09 (50% of the same range) the next targets. The low from March will also likely attract some interest at 80.57.
