USDJPY: Looks To Recover Higher With Eyes On 102.00

7 July 2016, 15:48

USDJPY: The pair halted its weakness to print a rejection candle on Wednesday leaving risk of recovery on the cards. While it continues to reject lower level prices, we look for it to head higher on correction. On the downside, support comes in at the 101.00 level where a break if seen will aim at the 100.50 level. A cut through here will turn focus to the 100.00 level and possibly lower towards he 99.50 level. On the upside, resistance resides at the 102.00 level. Further out, we envisage a possible move towards the 102.50 level. Further out,  resistance resides at the 103.00 level with a turn above here aiming at the 103.50 level. On the whole, USDJPY looks to weaken further in the medium term.



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