USDJPY: The pair has triggered a correction and looks to extend it further in the days ahead. On the downside, support comes in at the 102.26 level, its Feb 26’2014 high.
Further down, support stands at 101.50 level and then the 101.00 level with a turn below here switching focus to the 100.75 level, its Feb 04 2014 low. It daily RSI is bearish and pointing lower suggesting further weakness.
On the other hand, resistance is initially seen at the 103.09 level where a break will target the 103.75 level. A cut through here will pave the way for a run at the 104.50 level and then the 105.00 level.
Its daily RSI is bullish and pointing higher suggesting further strength. On the whole, USDJPY remains exposed to the downside on correction.
Guest post by FX Tech Strategy