USDJPY: Targets further upside pressure

ANALYSIS | 03/23/2016 04:41:31 GMT

USDJPY: With the pair strengthening for a third day in a row, it looks to extend its gains. On the downside, support comes in at the 112.00 level where a break if seen will aim at the 111.50 level. A cut through here will turn focus to the 111.00 level and possibly lower towards the 110.50 level. Its daily RSI is bullish and pointing higher suggesting further. On the upside, resistance resides at the 112.50 level. Further out, we envisage a possible move towards the 113.00 level. Further out, resistance resides at the 113.50 level with a turn above here aiming at the 114.00 level. On the whole, USDJPY looks to build up on price recovery off its range bottom.

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