USDJPY: Pulls Backs And Tests The 94.45 Level
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USDJPY: USDJPY may have pulled back and tested the 94.45 level on a gap today but continues to hold on to its broader upside medium term. As long as the 94.45 level holds as support, there is risk of an eventual return to the 96.70 level on ending its pullback. A cut through here will call for a run at the 98.00 level where a breach will target the 99.00 level. Its weekly RSI is bullish and pointing higher supporting this view. On the downside, support resides at the 94.45 level where a reversal of roles is likely to occur and turn it higher. Further down, support stands at the 93.50 level and then the 93.00 level. A cut through there will aim at the 92.00 level. All in all, USDJPY remains biased to the upside in the medium term.