Forex: USD/JPY still looking weak, next support at 81.65

FXstreet.com (San Francisco) - The USDJPY again extended its pullback from 78.6% retracement resistance at 82.65 (84.16/77.12 decline), having tested the 81.90 mark overnight, now down 0.5% from Friday's close.

Technically speaking, "In the 4 hours chart & technical readings present a stronger bearish momentum, pointing for a test of the 81.50 level, 61.8% retracement of this year slide," says Valeria Bednarik, Chief Analyst at FXstreet.com. "Steady gains above 82.80 high, will favor a continuation rally towards 84.17 this year high."

The market currently exchanges at 81.95, but bears look poised for another extension lower. If USDJPY cracks mentioned support, next support comes in at 81.65 (Feb 27 high) then 81.20. If bulls regain the upside, resistance levels are noted at 82.30 and 82.60 before the previously cited 82.80 mark.