USDJPY: Recovers, Looks To Strengthen Further

Mohammed Isah FXTechstrategy

USDJPY: The pair triggered a recovery higher on Monday and followed through on Tuesday leaving risk further higher. On the downside, support comes in at the 113.00 level where a break if seen will aim at the 112.50 level. A cut through here will turn focus to the 112.00 level and possibly lower towards the 111.50 level. On the upside, resistance resides at the 114.00 level. Further out, we envisage a possible move towards the 114.50 level. Further out, resistance resides at the 115.00 level with a turn above here aiming at the 115.50 level. On the whole, USDJPY looks to extend its upside pressure.

Interested in USD/JPY technicals? Check out the key levels

1. R3 113.22
2. R2 113.10
3. R1 113.01
PP 112.89
1. S1 112.79
2. S2 112.68
3. S3 112.58

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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