USDJPY: Bullish, Resumes Short Term Uptrend

28 October 2016, 03:51
USDJPY: With  the pair following through higher the on Thursday, further upside pressure is likely. On the downside, support comes in at the 105.00 level where a break if seen will aim at the 104.50 level.  A cut through here will turn focus to the 104.00 level and possibly lower towards the 103.50 level. On the  upside, resistance resides at the 105.50 level. Further out, we envisage a possible move towards the 106.00  level. Further out, resistance resides at the 106.50  level with a turn above here aiming at the 107.00 level. Its daily RSI is bullish and pointing higher suggesting further weakness.  On the whole, USDJPY looks to extend its short term uptrend.


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