USDJPY: Bullish, Maintains Recovery Tone

11 October 2016, 03:50

USDJPY: The pair remains on the offensive as it looks to resume that strength after its one-day correction. On the downside, support comes in at the 103.00 level where a break if seen will aim at the 102.50 level.  A cut through here will turn focus to the 102.00 level and possibly lower towards the 101.50 level. On the  upside, resistance resides at the 104.00 level. Further  out, we envisage a possible move towards the 104.50  level. Further out, resistance resides at the 105.00  level with a turn above here aiming at the 105.50 level. Its daily RSI is bullish and pointing higher suggesting further upside pressure. On the whole, USDJPY looks to strengthen further.


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