USDJPY: Puts In Temporary Bottom, Eyes More Recovery
USDJPY: With USDJPY halting its weakness to close
higher on Monday and seen following through during Tuesday trading
session, price extension is envisaged. On the downside, support comes in
at the 107.00 level where a break if seen will aim at the 106.50 level.
A cut through here will turn focus to the 106.00 level and possibly
lower towards the 105.50 level.
On the upside, resistance resides at the 108.00 level. Further out, we envisage a possible move towards the 108.50 level. Further out, resistance resides at the 109.00 level with a turn above here aiming at the 109.50 level. On the whole, USDJPY looks to build up on its price recovery.