Forex Analysis : USD/JPY
The week chart pattern does not look very promising for the Yen, but a technical rebound may ensue before the next USD selling storm.
• Not quite falling to our projected re-entry price of 81.35 last week, there is key near term support from 81.70 to around 82.10. Given this zone holds firm, a rebound to or very near 83.7 could well be seen.
• In terms of VST supports, we view 82.24 as the first one, then 82.02 down to 81.95
• Initial resistance is seen at 82.50, then 82.80 or so.