USDJPY: With a follow through higher on the back of its previous week gain seen at the week, further upside is likely. This will expose the 103.73 level representing its 2013 high. A convincing violation of here will open the door for a run 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 101.61 level followed by the 101.00 level. Further down, the 100.60 level is seen as the next support and then the 100.00 level. On the whole, USDJPY remains exposed to the upside in the medium term.
Article by blog.fxtechstrategy.com
