USDJPY: Retains Bullish Tone With Eyes On 112.14/50 Zone

Mohammed Isah FXTechstrategy

USDJPY: The pair continues to retain its upside pressure following a rally on Thursday. This development leaves risks of more recovery towards 112.14/50 levels. Further up, resistance resides at the 113.00 level. A move above here will open the door for more gain towards the 113.50 level. Further out, resistance resides at the 114.00 level with a turn above here aiming at the 114.50 level. Its daily RSI is bullish and pointing higher suggesting further strength. On the downside, support lies at the 111.50 level where a break if seen will aim at the 111.00 level. A cut through here will turn focus to the 110.50 level and possibly lower towards the 110.00 level. On the whole, USDJPY faces further upside pressure.

Interested in USDJPY technicals? Check out the key levels

1. R3 113.1
2. R2 112.56
3. R1 112.24
PP 111.7
1. S1 111.38
2. S2 110.84
3. S3 110.52

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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