USDJPY: Bullish, Maintains Recovery Tone

Mohammed Isah FXTechstrategy

USD/JPY: The pair remains on the offensive as it looks to resume that strength after its one-day correction. On the downside, support comes in at the 103.00 level where a break if seen will aim at the 102.50 level. A cut through here will turn focus to the 102.00 level and possibly lower towards the 101.50 level. On the upside, resistance resides at the 104.00 level. Further out, we envisage a possible move towards the 104.50 level. Further out, resistance resides at the 105.00 level with a turn above here aiming at the 105.50 level. Its daily RSI is bullish and pointing higher suggesting further upside pressure. On the whole, USDJPY looks to strengthen further.

Interested in USDJPY technicals? Check out the key levels

1. R3 103.71
2. R2 103.53
3. R1 103.30
PP 103.12
1. S1 102.89
2. S2 102.71
3. S3 102.48

Author

Mohammed Isah

FXTechstrategy

Mohammed Isah is a technical strategist and head of research at FXTechstrategy.com, a technical-research Web site. He has been trading and analyzing the foreign exchange market since 2010.

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