USDJPY: With USDJPY halting its one-day pullback and closing higher for a second day in a row on Tuesday, a build on strength is expected on market resumption. In such a case, the 104.62 level. A violation of here will aim at the 105. towards the out the 103.91 level to resume its medium term bullishness, further upside offensive is likely. Resistance resides at the 104.50 level where a breach will aim at the 105.00 level and possibly higher towards the 105.50 level. Its weekly RSI is bullish and pointing higher supporting this view. Conversely, on the downside, support comes in at the 103.73 level where a violation will turn attention to the 103.00 level and then the 102.50 level. Further down, support lies at the 101.61 level followed by the 101.00 level. On the whole, USDJPY remains exposed to the upside in the medium term.
Article by www.fxtechstrategy.com
