Forex: USD/JPY testing neckline; bearish sub-82.20 – V.Bednarik

FXstreet.com (San Francisco) - USDJPY dipped back down to levels below 82 on Tuesday, falling as low as 81.70 to test the neckline of the double top set at 78.6% retracement resistance of the decline from 84.16 to 77.12. Valeria Bednarik, Chief Analyst at FXstreet.com says, "Unless a recovery above 82.20, the downside is favored with a break below 81.50 offering room for a slide towards 80.80 strong static support zone." USDJPY now trades at 81.85. Below the mentioned 81.50 level, support may be found at 81.10, 80.80 and 80.60 (June 25 high). Ms. Bednarik identifies bullish targets at 82.00, 82.20 and 82.60.