USDJPY: With USDJPY triggering a recovery higher on Monday and following through higher in today’s trading session, further build up on that gain is likely. On the upside, resistance resides at the 102.77.00 level where a breach will turn focus to the 103.50 level.
Further out, resistance is seen at the 104.00 level and then the 104.50 level. Support comes in at the 101.95 level where a break if seen will aim at the 101.50 followed by the 101.00 and then the 100.75 level. Further down, support stands at the 100.00 level.
Its weekly RSI is bearish and pointing lower supporting this view. On the whole, USDJPY remains exposed to the upside on correction.
Guest post by FX Tech Strategy