USDJPY: Bullish, Triggers Further Correction

Mohammed Isah FXTechstrategy

USDJPY: The pair closed higher on the back of its Friday gain on Monday. On the downside, support lies at the 106.00 level where a break if seen will aim at the 105.50 level. A cut through here will turn focus to the 105.00 level and possibly lower towards the 104.50 level. On the upside, resistance resides at the 107.00 level. Further out, we envisage a possible move towards the 107.50 level. Further out, resistance resides at the 108.00 level with a turn above here aiming at the 108.50 level. On the whole, USDJPY faces further downside pressure but with caution.

Interested in USDJPY technicals? Check out the key levels

1. R3 107.5
2. R2 107.12
3. R1 106.86
PP 106.47
1. S1 106.21
2. S2 105.83
3. S3 105.56

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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